The 2020 5 year and 2022 3 year Sharesave plans mature on 1 December 2025, assuming all contributions have been made.
It's time to consider what to do with your savings.
WEALTH at Work webinar
To help you make an informed decision about your Sharesave maturity, NEXT has partnered with financial wellbeing specialists, WEALTH at Work, to offer an online seminar.
This seminar will help you to understand your choices, potential tax implications, and strategies for maximising tax efficiency.
Book your placeA recording of the WEALTH at Work seminar.
You now have a number of choices, and can do a combination of these if you prefer:
Please note: Your share certificate can take up to 30 days to arrive from the date your instruction is processed by EQ, and will be sent at your own risk to your registered address.
If you wish to transfer shares to an ISA with a provider other than EQ, you should select this option.
If you choose this option, you'll receive two welcome letters or emails (depending on the information provided) within five working days of opening your account. One will contain your PIN and the other will provide your EQi account number and instructions on how to access your account to manage your shares.
It is a legal requirement to confirm the identity of all individuals opening an EQi Flexible Stocks & Shares ISA (EQi ISA).
If your identity can’t be verified, you'll receive a letter requesting specific ID documents. If these documents are not provided within the required timelines, your shares will be held in your EQi Dealing account or issued as a certificate, and your EQi account will be closed with a refund of any admin fees.
For more details on the benefits of an EQi ISA, visit eqi.co.uk/info/your-sharesave
If the market value of your shares is more than £20,000 (the 2025/2026 tax year annual ISA allowance), your excess shares will be transferred to an EQi Dealing account.
Please note, transferring shares from your EQi Dealing account to your ISA after 90 days from purchase would involve selling and repurchasing the shares, which may lead to a CGT liability.
You'll receive email notifications about the completion of any transactions from your EQi Dealing account (a complimentary account linked to your EQi ISA). More information is available at eqi.co.uk/info/important-information and eqi.co.uk/info/isa/explained.
If selecting Choice 2, transfer into an EQi ISA, it is not possible to combine this with other Choices.
Costs and fees
You can find full details of dealing fees at eqi.co.uk/info/how-it-works/pricing under dealing commission.
Timing
Please refer to the timetable below for more information.
If you don't want to use an ISA to sell your shares, Equiniti Financial Services Limited (EFSL) offers a low-cost share dealing service. Shares are sold on a scheduled date, as per the timetable.
There's a £16 commission charge, and proceeds go into the same bank account that NEXT pays your salary into.
You cannot set a minimum sale price with this service; shares will be sold at the market price when EFSL processes the instruction.
If you wish to set a minimum sale price, you could choose to receive a share certificate (Choice 1) and sell through your own broker, or transfer to the EQi ISA (Choice 2).
You might choose this option if you've used the calculator, and your gains are below the Capital Gains Tax (CGT) annual exemption allowance.
If your gains are above the CGT annual exemption and you select this choice, it's likely that you'll need to pay CGT. In this situation, consider the EQi ISA option, which could be more tax efficient. This is because selling shares through an ISA can exempt the sale from CGT, provided the shares were transferred to the EQi ISA within 90 days of purchase at maturity.
After you instruct to sell your shares, you'll get an email confirmation and see a confirmation on the Employee Share Plans (ESP) Portal homepage. Your shares might appear in your ordinary share account during processing, so do not make any further selling instructions at this time. For questions, contact the EQ Helpline.
Once the sale is complete, you'll be notified that the contract note is available online, and the proceeds will be deposited into your salary bank account within five business days. Refer to the timetable for more details on when you'll receive your funds.
If you wish to transfer them to keep this can be done online. Select choice 4 – ‘Transfer to spouse/civil partner to keep’.
If you wish to transfer them to be sold, please contact the EQ Helpline to request a Maturity instruction form as this choice is not available online.
You should also refer to 'Will I have to pay tax?' in the FAQs. The commission will be £16. Sales proceeds will be settled by cheque and will be posted to your spouse within two business days from the sale date.
If you want to take back your savings please contact the EQ Helpline on or after 1 December 2025. You can still exercise your option at a later date as long as you do so within six months of your maturity date.
By giving an instruction, you are confirming that you’re aware of the possible impact of CGT and acknowledge that it is your responsibility to report any gain and pay any tax due accordingly.
WHAT COULD MY SHARES BE WORTH?
2022 3 Year Sharesave Example
Alex has been saving £100 per month for 36 months into the 2022 3 year Sharesave and therefore will have savings of £3,600 on maturity. Alex can use the savings to buy 93 NEXT shares at an option price of £38.69. Alex decides to sell all of the shares. The sale price is £120.
Sale proceeds: 93 shares at £120.00 each = £11,160
Less dealing charge: £16
Total cash payable to Alex after sale: £11,144
Total option price paid for: 93 shares at £38.69 each = £3,598.17
Profit from the sale of shares: £7,545.83*
*This is before tax – go to the "Capital Gains Tax and ISAs" section and ‘Will I have to pay tax?’ in the FAQs section for important information on Capital Gains Tax. If you are unsure about your tax position, you should consult an Independent Financial Adviser.
The above is for illustration only and is not indicative of future share price performance. Should you elect to sell the shares, the price at which you sell your shares may be different.
You can use the calculator to model the estimated value of your shares.
You now have a number of choices, and can do a combination of these if you prefer:
Please note: Your share certificate can take up to 30 days to arrive from the date your instruction is processed by EQ, and will be sent at your own risk to your registered address.
If you wish to transfer shares to an ISA with a provider other than EQ, you should select this option.
If you choose this option, you'll receive two welcome letters or emails (depending on the information provided) within five working days of opening your account. One will contain your PIN and the other will provide your EQi account number and instructions on how to access your account to manage your shares.
You'll receive email notifications about the completion of any transactions from your EQi Dealing account (a complimentary account linked to your EQi ISA). More information is available at eqi.co.uk/info/important-information and eqi.co.uk/info/isa/explained.
If the market value of your shares is more than £20,000 (the 2025/2026 tax year annual ISA allowance), your excess shares will be transferred to an EQi Dealing account.
Please note, transferring shares from your EQi Dealing account to your ISA after 90 days from purchase would involve selling and repurchasing the shares, which may lead to a CGT liability.
It is a legal requirement to confirm the identity of all individuals opening an EQi Flexible Stocks & Shares ISA (EQi ISA).
If your identity can’t be verified, you'll receive a letter requesting specific ID documents. If these documents are not provided within the required timelines, your shares will be held in your EQi Dealing account or issued as a certificate, and your EQi account will be closed with a refund of any admin fees.
For more details on the benefits of an EQi ISA, visit eqi.co.uk/info/your-sharesave
If selecting Choice 2, transfer into an EQi ISA, it is not possible to combine this with other Choices.
Costs and fees
You can find full details of dealing fees at eqi.co.uk/info/how-it-works/pricing under dealing commission.
Timing
Please refer to the timetable below for more information.
If you don't want to use an ISA to sell your shares, Equiniti Financial Services Limited (EFSL) offers a low-cost share dealing service. Shares are sold on a scheduled date, as per the timetable.
There's a £16 commission charge, and proceeds go into the same bank account that NEXT pays your salary into.
You cannot set a minimum sale price with this service; shares will be sold at the market price when EFSL processes the instruction.
If you wish to set a minimum sale price, you could choose to receive a share certificate (Choice 1) and sell through your own broker, or transfer to the EQi ISA (Choice 2).
You might choose this option if you've used the calculator, and your gains are below the Capital Gains Tax (CGT) annual exemption allowance.
If your gains are above the CGT annual exemption and you select this choice, it's likely that you'll need to pay CGT. In this situation, consider the EQi ISA option, which could be more tax efficient. This is because selling shares through an ISA can exempt the sale from CGT, provided the shares were transferred to the EQi ISA within 90 days of purchase at maturity.
After you instruct to sell your shares, you'll get an email confirmation and see a confirmation on the Employee Share Plans (ESP) Portal homepage. Your shares might appear in your ordinary share account during processing, so do not make any further selling instructions at this time. For questions, contact the EQ Helpline.
Once the sale is complete, you'll be notified that the contract note is available online, and the proceeds will be deposited into your salary bank account within five business days. Refer to the timetable for more details on when you'll receive your funds.
If you wish to transfer them to keep this can be done online. Select choice 4 – ‘Transfer to spouse/civil partner to keep’.
If you wish to transfer them to be sold, please contact the EQ Helpline to request a Maturity instruction form as this choice is not available online.
You should also refer to 'Will I have to pay tax?' in the FAQs. The commission will be £16. Sales proceeds will be settled by cheque and will be posted to your spouse within two business days from the sale date.
If you want to take back your savings please contact the EQ Helpline on or after 1 December 2025. You can still exercise your option at a later date as long as you do so within six months of your maturity date.
By giving an instruction, you are confirming that you’re aware of the possible impact of CGT and acknowledge that it is your responsibility to report any gain and pay any tax due accordingly.
WHAT COULD MY SHARES BE WORTH?
2020 5 Year Sharesave Example
Alex has been saving £100 per month for 60 months into the 2020 5 year Sharesave and therefore will have savings of £6,000 on maturity. Alex can use the savings to buy 124 NEXT shares at an option price of £48.12. Alex decides to do that and sell all of the shares. The sale price is £120.
Sale proceeds: 124 shares at £120.00 each = £14,880
Less dealing charge: £16
Total cash payable to Alex after sale: £14,864
Total option price paid for: 124 shares at £48.12 each = £5,966.88
Profit from the sale of shares: £8,897.12*
*This is before tax – go to the "Capital Gains Tax and ISAs" section and ‘Will I have to pay tax?’ in the FAQs section for important information on Capital Gains Tax. If you are unsure about your tax position, you should consult an Independent Financial Adviser.
The above is for illustration only and is not indicative of future share price performance. Should you elect to sell the shares, the price at which you sell your shares may be different.
You can use the calculator to model the estimated value of your shares.
You have plenty of time, six months from your maturity date, to make your decision.
Here are some key questions to think about:
For further advice, contact WEALTH at Work for a 1:1 guidance call using the contact details below.
Learn about Capital Gains Tax (CGT)
Find out moreLearn about the ISA
Find out moreDeadline for instructions to be processed on first purchase date
Maturity date
First share purchase and expected sale date
Final date to make your choice
| Instruction received by EQ | Share purchase (Choice 1) and expected sale date (Choice 3)* | Shares available in EQ ISA (Choice 2)** | Date your sale proceeds will be received (Choice 3)*** |
|---|---|---|---|
| Wed 19 Nov 2025 | Mon 1 Dec 2025 | Tue 2 Dec 2025 | Mon 8 Dec 2025 |
| Wed 26 Nov 2025 | Tue 9 Dec 2025 | Wed 10 Dec 2025 | Tue 16 Dec 2025 |
| Wed 3 Dec 2025 | Tue 16 Dec 2025 | Wed 17 Dec 2025 | Tue 23 Dec 2025 |
| Wed 10 Dec 2025 | Tue 23 Dec 2025 | Wed 24 Dec 2025 | Fri 2 Jan 2026 |
| Wed 17 Dec 2025 | Mon 5 Jan 2026 | Wed 7 Jan 2026 | Mon 12 Jan 2026 |
| Wed 24 Dec 2025 | Thu 8 Jan 2026 | Fri 9 Jan 2026 | Thu 15 Jan 2026 |
| Wed 31 Dec 2025 | Tue 13 Jan 2026 | Wed 14 Jan 2026 | Tue 20 Jan 2025 |
Final processing dates
| Sun 31 May 2026 | Tue 16 Jun 2026 | Wed 17 Jun 2026 | Tue 23 Jun 2026 |
Dates may be subject to change, such as to accommodate public holidays.
The cut off for instructions is 6 pm each Wednesday. Instructions received after 1 January 2026 will be processed weekly, normally 13 days after the cut off date. Share purchases and sales are generally carried out on a Tuesday.
If applications are received to exercise and sell a large number of shares, EFSL will batch share sales and will sell them over a period of time. Depending on the batch size, this may take more than one day. In a batch sale, the share prices obtained will be averaged so that everyone in that batch gets the same price. EQ, EFSL and NEXT plc cannot be held responsible for any changes to the advertised dates which are outside of their control.
*Subject to receiving the shares on the date the instructions are due to be actioned.
**Subject to your ISA being successfully opened, which will require receipt of your completed forms and a successful ID check.
*** Subject to completion of sale on expected sale date. If the sale has to be carried out in batches as outlined above, this date is subject to change.
If you have any questions about Sharesave, please contact EQ, NEXT's Sharesave Administrator.
0371 384 2170
If calling from overseas +44 (0) 371 384 2170
For deaf and speech impaired participants we welcome calls via RelayUK. Please see www.relayuk.bt.com for more information
The EQ Helpline is available between 8.30 am - 5.30 pm (UK time), Monday to Friday (excluding public holidays in England and Wales).
*Include NEXT in the subject line.
Please note that neither NEXT, nor its advisers, can provide you with investment advice. If you have any queries about acquiring NEXT shares you should consult your own independent tax, legal or financial adviser.
No information contained within this guidance or any accompanying document should be taken as providing any advice or as a recommendation to exercise or not to exercise your share option or to sell or not sell your shares - the choice is yours. If you are in any doubt as to the legal, financial or taxation implications (including any CGT considerations and the collection of such taxes) for you of the exercise of options, and/or the subsequent sale of shares, or the suitability of the EFSL service, you should seek the advice of an Independent Financial Adviser duly authorised under the Financial Services and Markets Act 2000.
The maturity instruction placed is irrevocable which cannot be cancelled nor amended under any circumstance. All instructions are dated and time recorded.
Rates shown were correct at the time of publication of this site, however, these are subject to change. To ensure that you are aware of the current applicable rates prior to dealing, please ensure you have read the terms and conditions which can be found on the ESP Portal.
For deferred maturities where a maturity instruction is placed prior to the new maturity date and the choice selected is no longer offered at the point of maturity, the default choice to transfer to Share Certificate will apply. For example, if your maturity date is 1st June 2026 or after you will not be able select to sell your shares, transfer them to the EQi ISA or to a spouse or civil partner.
Please remember that the price of shares, and any income from the shares, can go down as well as up, and that you may not recover the amount originally invested. Past performance is not necessarily an indication of a future share price value. It is advisable to keep copies of all documentation sent to Equiniti Limited ('EQ') in relation to the exercise of your options as you may need to refer to this information when completing future tax returns.
In order to facilitate and operate the scheme NEXT may hold, process and transfer personal data relating to you (including your bank account information) to third parties engaged by us for purposes related to the operation and administration of the scheme and/or in order to meet any legal obligation, in each case in accordance with our data privacy policy and applicable law.
To understand how your personal data is protected and the application of your enhanced rights under the General Data Protection Regulations (which came into force on 25 May 2018), please review the Privacy Notice.
Your savings, which are held with Lloyds Bank plc, are your own and are covered by the Financial Services Compensation Scheme (“FSCS”). The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. In respect of deposits, an eligible depositor is entitled to claim up to £85,000. For further information about the scheme refer to the FSCS website www.fscs.org.uk or call the FSCS on telephone number 020 7741 4100 or 0800 678 1100. Alternatively, log onto www.lloydsbank.com for further information about the compensation scheme.
The detailed rules of the Plan govern participation and if there is any difference between this information and the formal rules and the legislation that governs the Plan, the rules and legislation and any applicable HMRC guidance shall apply and take precedence.
