Great news for all those interested in taking up the government’s bike tax break through the Booost scheme: Initial take-up of the scheme by Halfords and Giant (as reported in March) has now been significantly broadened with more big bike names entering the fold.
Trek, Gary Fisher, Klein, Specialized and LeMond have all decided to support the initiative through independent bike dealers, offering a far greater choice of bikes to those who want to take advantage of the tax break.
You can save up to 50% of the cost of a bike through Booost, providing that its primary purpose is commuting. The scheme operates through employers and a participating retailer. Companies buy the bikes and loan them to their employees and can claim back the VAT, so that cost isn’t passed on to the worker. The loan is then deducted from the total salary before tax and national insurance contributions are calculated, so it’s essentially tax and NI free.
Trek’s Nigel Roberts said: “This is a great way to encourage cycle usage in the UK. By joining Giant in supporting an IBD scheme we will be providing Booost with a
broad network of IBDs nationwide. IBDs are where consumers will find
the service, knowledge and choice of branded products that lead to a
quality cycling experience, essential for the scheme to work long term.”
Speaking for Specialized Richard Hemington commented: “It will provide our dealers with another dimension through which to promote cycling in general and gain potential new customers who can afford a much higher ticket price for a bicycle through the Booost scheme.”
The biking companies have nothing to lose and cyclists have everything to gain, so we imagine even more companies will be joining the scheme before too long. If your employer isn’t offering Booost yet then it’s time to start badgering them, because it launches this month. It’s a very minor hassle to make commuting workers happy.