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Q. I am thinking of saving money by cycling to work
instead of getting the bus. How do I claim the tax relief on a new
bike?
26.09.11
Under the Cycle to Work Scheme employers can pay up to €1,000 for
a bicycle and bicycle equipment for each of their employees. The
repayment for the bicycle and equipment is then deducted from your
gross salary over a period of up to 12 months.
The scheme applies to new bicycles and pedelecs (electrically
assisted bicycles which require some effort from the cyclist). It
also applies to certain safety equipment, such as helmets and
reflective clothing.
Usually, you visit the shop, select the equipment you wish to buy
and have the shop invoice your employer directly for the cost. Note
that the tax exemption does not apply if you pay for the bicycle and
are reimbursed by your employer – the employer must pay for the
bicycle.
You can only avail of the scheme once in a five-year period. This
applies even if you do not purchase equipment up to the €1,000
limit. You must use the bicycle and safety equipment mainly for
qualifying journeys. This means the whole or part of a journey
between your home and your normal place of work.
Citizens Information: Buncrana 074 9363496; Carndonagh 074 9373741
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