How the scheme works
Getting your new bike is simple and we have produced a step-by-step guide to show you how the scheme works and what you can expect at each stage. But below we’ve highlighted some of the key points for you.
- Let’s be upfront. To get the tax break, HMRC rules mean you will actually be hiring a bike through Green Commute Initiative Ltd (GCI). GCI is authorised and regulated by the Financial Conduct Authority which is why GCI is the only scheme not restricted to the usual £1,000 limit. The bike is yours to use and keep and at the end of the scheme we’ll follow HMRC rules so the ownership can pass to you. Unlike other schemes there’s no sting in the tail to transfer ownership to you. Other schemes charge as much as 7% of the bike value! That’s a big hit to your tax-break savings.