Cyclescheme Changes to fair Value

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Comments

  • Headhuunter
    Headhuunter Posts: 6,494
    Phate wrote:
    Why would you transfer the bike to Cyclescheme rather than letting your employer keep it...? Unless I suppose the employer wants the bike off its books...[/quote]

    I suppose the advantage of cyclescheme owning the bike after the initial 12 months is that if you move jobs then you don't have to buy the bike at that point in time possibly incurring a higher FMV![/quote]

    Ah yes, good point...
    Do not write below this line. Office use only.
  • RufusA
    RufusA Posts: 500
    stevee_p wrote:
    OK, so I've got a bike on the cycle to work scheme, my year is up, and I've stopped making my payments on it (I have started the scheme again this year for another bike but that's irrelevant).

    Not strictly irrelevant. Unless ownership has transferred then you may be being lent more than one bicycle and exceed the £1000 limit of the group consumer credit license!

    I guess it depends on the deemed value of the bicycle/equipment for consumer credit purposes, and whether it's still a licenseable loan if payments have ceased!

    Rufus.

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