Depending on the condition and model of your handset, you'll get up to £175 of store credit on a gift card for your iPhone but it looks as though you can only put that towards a new iPhone.
Great value, great responsibility
"iPhones hold great value," Apple explained before going on to point out that the old handsets will be reused or recycled.
"In addition to helping support the environment, customers will be able to receive a credit for their returned phone that they can put toward the purchase of a new iPhone."
Or you can just put your old phone on eBay and buy whatever you like with the cash. Your choice.
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Former UK News Editor for TechRadar, it was a perpetual challenge among the TechRadar staff to send Kate (Twitter, Google+) a link to something interesting on the internet that she hasn't already seen. As TechRadar's News Editor (UK), she was constantly on the hunt for top news and intriguing stories to feed your gadget lust. Kate now enjoys life as a renowned music critic – her words can be found in the i Paper, Guardian, GQ, Metro, Evening Standard and Time Out, and she's also the author of 'Amy Winehouse', a biography of the soul star.