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Cycle to Work Scheme Update

Newsletter issue - September 2010.

The cycle to work scheme allows employers to lend bicycles to their employees tax-free, and in some cases the employees can purchase the bicycle at the end of the loan period. However, the Taxman is looking carefully at abuses of this scheme...

Finally, remember, to qualify as a tax free bicycle, it should be used mainly by the employee for travelling to work and on work related business, although other personal use is permitted. An expensive touring bicycle that is never used for work related journeys will not qualify for the tax exemption.