Cycle to Work Scheme

Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Cycle to Work scheme is a UK Government annual tax exemption initiative introduced in the 1999 Finance Act to promote healthier journeys to work and to reduce environmental pollution. It 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. A Cycle to Work scheme does not require the prior approval of HMRC. On 6th August 2010 HMRC issued a statement to clarify the fair market value, which should be charged if the employees want to take ownership of the bike at the end of the repayment.