It has been recently announced that previously unveiled plans for the new Cycle to Work Scheme Guidance have been delayed.
The new guidance was published back in June and the main changes were:
- FCA Authorisation: Employers will be able to use Cyclescheme's Financial Conduct Authority to offer their employees cycling gear of any value.
- Accessory Allowance: Advice on allowable cycle accessories, clothing and components has been broadened to encompass everything a rider needs to commute by bicycle.
- No more Top-Ups: Employees will no longer be able to add funds (or 'Top-Up') as they could in the past and this will become a no-go zone!
- Removal of the £1000 scheme limit: The scheme has been uncapped to ensure that the most amount of people will be able to benefit from it
However, the Government recently stated that due to ambiguous wording within the new guidance it was difficult to legally act upon and Cyclescheme are not going to implement the changes until the issues have been resolved.
Get in touch with us today to find out more about the scheme and any delays on +44 (0) 1242 231 690.