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Ours is run though cyclescheme but the company literature around it states that after 12 months we can buy it from the company for a fixed (low) cost...
That used to be the way it was done (that's how I paid £88 to buy a bike bought with a £1500 voucher after just 1 year, but that was 6 years ago), but HMRC decided that that represented too much of a benefit and that the asset had to depreciate properly otherwise a larger payment would be due.
Most schemes continue to get away with the older way of doing it because the amounts concerned are way too small for HMRC to go chasing within each and every company. Sort it out for future schemes and leave the existing ones as they are.
Greenbank
Dramatic_Hammer
Ours is run though cyclescheme but the company literature around it states that after 12 months we can buy it from the company for a fixed (low) cost...