Cycle To Work Schemes

To promote healthier journeys to work and to reduce environmental pollution, the 1999 Finance Act introduced an annual tax exemption, which allows employers to loan cycles and cyclists' safety equipment to employees as a tax-free benefit. The exemption was one of a series of measures introduced under the Government's Green Transport Plan.

Torbay businesses, large and small, are taking up the tax advantages of such schemes and are finding their employees are reaping the health and financial benefits of a cycle to work scheme. Devon & Cornwall Police, South Devon Healthcare Foundation Trust, Care Trust and now Torbay Council are offering their employees this very attractive pay benefit.

Cycle To Work Schemes give massive tax advantages to the employee that result in a 37 to 52% saving on the cost of a bike, depending on your rate of income tax. There is no limit to the size of the company that can adopt such schemes and guidance is available via the Department for Transport Website.