Bike Scheme

The government is promoting a tax-free scheme called Cycle to Work where an employee can get exclusive use of a brand new bike and accessories at a discount of up to 50% on the price they would pay in a bike shop. Any UK employer can take part.
Under a Cycle to Work scheme, your employer buys the bike and loans it to you to get to and from work, or to use in your work. You pay for the benefit through a salary sacrifice arrangement, where an agreed sum is taken out of you salary for a set period, often 12 months. At the end of this time who will almost certainly be offered the opportunity to buy the bike for a nominal sum. Add up the figures and the total is much less that you would have had to pay if you had bought the bike yourself.
For more information see the following links: Cycle to Work Scheme.