Revenue recently provided an update to the Cycle to Work scheme summarised as follows:
- Applies to pedal cycles, tricycles and pedelecs
- Bike to Work scheme exemption limit increased from €1000 to €1250 for bicyclesÂ
- Up to €1500 for electric bikes (pedelecs)
- Bicycle Safety Equipment can be still includedÂ
- Avail of once in every FOUR years (previously FIVE years)*
*If an individual availed of the scheme within the four-year period prior to 1 August 2020, he or she cannot immediately avail of the uplift in the scheme limits. The individual will be able to avail of the increased limits once the four-year period has expired.Â
Please read the Revenue PDF for (Source: Revenue)
- what qualifies as a bike
- four/five year exemption examples
- a list of allowed safety equipment
- qualifying journeys
- salary sacrifice arrangement
All the best,
For tips, tricks and payroll updates, SUBSCRIBE OR follow us on Twitter, LinkedIn, Facebook or Instagram.
