ThinkBike Supported schemes

HOW DOES IT WORK?

The scheme allows employers to provide an employee with a bicycle and/or cycle safety equipment without the employee being liable for benefit-in-kind taxation. The scheme may also be implemented under a salary sacrifice arrangement through the employee’s payroll (in a similar manner to the existing Travel Pass Scheme). Under such agreement, the employer provides the bicycle and/or safety equipment to the employee who agrees to forego or sacrifice part of his or her salary every pay period (weekly/fortnightly/monthly as the case may be), in order to cover to cost of the benefit..

CYCLE TO WORK SCHEME CONDITIONS

The employer must purchase the bicycle and/or safety equipment.

The tax-exempt benefit-in-kind for the bicycle and safety equipment will only apply where the employee agrees to use the bicycle to cycle to and from work or between workplaces.Under any salary sacrifice arrangement, the cost of the bicycle and/or safety equipment must be paid within 12 months.