What is the Cycle to Work scheme?
Cycle to Work scheme is a UK Government initiative first introduced in the Finance Act 1999 to promote healthier journeys and to reduce environmental pollution.
It allows employers to loan cycles and cyclists' safety equipment to employees as a tax-free benefit.
The scheme was one of a series of measures introduced under the Government's Green Transport Plan.
So how does that help me?
You could save up to 47%!
The basic outline is your employer buys the bike for you, then loans you the bike.
You pay back the money back from your salary, simple so far. The clever bit is this is done before the tax is calculated on your wage package so you don't pay the tax.
Check out this calculator from The Green Commute Initiative to see what you could save.