The Money Saving Cycle To Work Scheme
Bicycles costing over £1,000–including e-bikes–will now be officially eligible for the U.K. Government’s Cycle to Work program. This 20-year-old money-saving salary-sacrifice scheme was previously capped at £1,000 unless companies offering the benefit to their employees used their own Financial Conduct Authority (FCA) Authorisation. Alternatively, certain third party Cycle to Work scheme providers have been able to provide £1,000+ bicycles to client company employees, although the current guidance explaining the rules has been unclear to date. The “refreshed” rules–announced by the Department for Transport on Sunday, June 9–remove the cap and remove some of the ambiguities, too.
Chair of the Cycle to Work Alliance Adrian Warren said :
“Cycling to work has extraordinary benefits for the environment, our health and well being, and employer-employee relations, and [the refreshed guidance] represents a significant step forward in getting more people physically active as part of the government’s ambitions to double cycling activity by 2025. The new guidance will also enable more people than ever to participate in cycle to work, including disabled people, people who live further away from work, older workers and those on lower incomes.”