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@freddo
it depends on the CFO of your employer. Fair market value only needs to be enough for the inland revenue to not see the final transfer as a taxable benefit. Guidelines are so vague that no-one quite knows what to do - I've heard of prices ranging from £50 to 10% of the value of the bike.
one thing you can do is buy a very cheap bike, and then load up a whole bunch of components for your sunday best bike - that way FMV is based only on the bike which was cheaper.