The Cycle to Work scheme will no longer have a £1000 upper limit. An update to the Cycle to Work guidance means that Cyclescheme can offer commuter packages over £1000.
Great news, all employers wishing to offer a higher limit on their cycle to work scheme will shortly be able to do so!
The Department for Transport’s (DfT) guidance has always stated that employers can loan cycle to work packages worth up to £1,000 to their employees due to the Government’s blanket consumer credit licence.
Whilst employers with their own FCA Authorisation have been able to offer their staff packages costing over £1,000 for some time (more information on that here) a recent Government update means that all businesses will soon be able to offer higher limits at no additional cost.
This means that Cyclescheme can work with all employers to offer schemes with no £1,000 limit whilst ensuring full compliance with DfT, HMRC and FCA guidance.
This excellent development means that many more employees will be able to save on the full value of any bike or cycle to work package.
Here is some information to help: