Chancellor endorses Cycle to Work scheme in Autumn Statement
Posted - November 23, 2016
The Cycle to Work scheme has today been given a substantial show of support by the Government, positioning the scheme as a key health benefit for employers to offer employees across the UK.
Reading from his Autumn Statement, Chancellor Phillip Hammond stated that while there will be a change to the taxation of salary sacrifice schemes, "Following consultation with stakeholders, ultra-low emission cars, pensions saving, childcare and the Cycle to Work scheme will be excluded from this change"
The decision that the scheme remains untouched is a clear statement of support for the positive impact that the Cycle to Work scheme continues to have for employees throughout the UK, fundamentally helping people improve their health and wellbeing through a more active lifestyle.
This re-iterates the statement from the 2016 Budget, as well as the findings of an IES report in June, showing the scheme is "economically and socially beneficial" to the UK to the tune of £72 million per year.
The ongoing support is a boost to UK businesses as well as their employees, with the benefit providing substantial NIC savings for organisations that choose to implement an effective scheme.
This gives a firm footing to what was already one of the most popular UK workplace benefits and we at Cycle Solutions look forward to helping more and more people achieve a healthy active lifestyle through the Cycle to Work scheme.