Cycle To Work Scheme
New Cycle To Work Rules Apply from 1st Aug 2020:
5 years has been reduced to 4 years, so all from 2016 is eligible again in 2020.
€1,000 has been increased to €1,250 for an ordinary bike
Electric bikes up to €1,500
Under the initiative, salaried employees who are employed and paying PAYE tax in Ireland.
Yes, there is a limit on the price of the bike. You will only be able to obtain tax relief up to a maximum of €1250 for an ordinary bike and €1500 for pedal assisted electric bike. For more expensive orders you can pay the balance directly to the shop. Cycle To Work Scheme can be done once every 4 years.
Up to 12 months depending on the options that your employer provides.
There is no requirement for you to cycle to work for a specified number of days throughout the year and there is no special requirement for you to record your trips. The scheme does require that the bike is mainly used by you to travel to work. You can also use the bike for leisure at weekends and on holiday.
It depends on your tax rate - you may save up to 52%. So, for example, a €500 purchase could cost you as little as €240 or €4.62 a week!