What is the cycle scheme initiative?

The Government, in order to encourage more commuting by bike, provide a salary sacrifice scheme whereby you can forego part of your salary each month in order to take advantage of tax and National Insurance savings on the cost of a bike and safety equipment.

The maximum purchase value available (including VAT) is £3,500 as long as your gross salary less the purchase value is no less than the national minimum wage (if you are between school leaving age and 22 years) or national living wage (if you are 23 or over).