Let?s face it; everyone would love to avoid paying income tax if they could get away with it!

The UK government 's ?Cycle to Work? lets you do just that! Alright, you will still have to keep paying most of your incomes tax, but this little publicised scheme does provide real tax incentives to get people out of their cars and into their saddles - with a tax free bike.

The scheme is part of the government?s ?green transport plans?. It allows employers to acquire tax free bikes and cycling equipment for their employees, meaning that employees spend less time in traffic jams (no more excuse for being late for work!), no more fighting over limited parking places, and reduced CO2 emissions.

In simple terms, you save money because you don?t pay Income Tax or National Insurance on the money that is taken out of your monthly salary to pay for the bike. This means that typically you could obtain a ?400 bike and pay around ?300 for it -meaning that you have saved paying ?100 income tax! Depending on the initial cost of the bike and your salary, savings could even be as much as 50%.

Further useful information:

Department of Transport Cycle to Work Scheme Implementation Guidance

How much could you save calculator .

Links to facilitators of the scheme providing bikes and additional information:

Cycle Scheme

Club Cycles

Halfords

Cycle Solutions

Bring Me

Powabyke

Evans Cycles

Future Media

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frankiebrb said:

Anyone know of something like this over here?

October 24, 2006

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