Cycling is growing in popularity, both for the daily commute and for relaxation at the weekend. Each year you can choose a bike and accessories, up to a maximum value of £5,000, and repay the loan, free of income tax and National Insurance, over a year. You can buy most types of bike under the scheme, including mountain bikes and leisure bikes, but they must be suitable for cycling to work.
At a glance
- Flexible benefit
You can sign up for flexible benefits at any point during the year. Be aware that you can’t always make changes to these benefits at any time during the year, so check on the conditions when you sign up.