In a parliamentary answer to a MP’s question about the future of the Cycle to Work scheme, David Gauke, the Exchequer Secretary at the HM Treasury (Tory MP for South West Hertfordshire) said:
“The Cycle to Work scheme provides an exemption from income tax on the benefit in kind created when an employer hires cycles or cycling safety equipment to an employee. The Government have no plans to change this exemption.”
In last week’s budget the Government announced their intention to abolish the separate tax relief that is currently available where employers provide breakfasts to cyclists on bike to work days. This bacon-based tax perk was recommended for removal by the Office of Tax Simplification.
The official bike trade info on the Cycle to Work scheme is hosted right here.