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Cycle scheme allow up to £10k I believe. My wife just got a pretty spectacular emtb with some upgrades and a spare chains and brake pads without hitting the maximum. Given the saving made it still worked out much cheaper than buying a lower spec 2nd hand model of the same bike which had only done 175miles and upgrading it.
HR have just said they are upping the limit on our scheme to £7.5k from April 1st. Eek.