Bike to work scheme –
How often can an employee avail of the bike to work scheme?
The tax exempt benefit-in-kind may only be provided to an individual employee once in any period of five consecutive tax years. The tax year in which the bicycle is provided is counted as the first year.
If an employee avails of the scheme for even a small amount of expenditure relating to the provision of bicycles and/or safety equipment they will not be able to avail of the relief again for five years.
Example: An employee was provided with a bicycle under the scheme in December 2011 and was granted relief in 2011. The five consecutive years would be 2011, 2012, 2013, 2014 and 2015. Therefore, if he or she was provided with a new bike from January 2016, or a later date in that year, they would be entitled to the relief during 2016.
Any queries on same give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie
