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@GentlemanBear
I think that if you're a higher rate tax payer, and you buy a bike for a grand, then you still stand to save between £250 and £400...
But yeah, for those earning a regular salary and buying a bike over £500 it seems like you could get fucked over.
It's also unclear what happens if you used the £1,000 allowance to buy a bike significantly over that sum, presumably you'd only pay 25% on the first £1,000 of the bike (that which your company owns)... otherwise you'd be in for a really nasty surprise when your finance director tells you he wants 25% of a £2k bike that you part-bought on the scheme.