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@DickBarton
I'm not sure what Oliver had in mind, but my main concern would be that the scheme only applies to certain purchases. It is for cycling to work, therefore doesn't include childrens' bicycles for example. It does include safety equipment such as helmets and lights but doesn't include regular clothing, shoes or accessories. I would want to check the order rather than just hand a cheque over to an employee and risk him buying items that aren't allowed by the Finance Act. In my Finance Department, I would also want to guarantee that I got a receipt back for the purchase, therefore I would rather handle the payment to the shop myself rather than relying on the member of staff to bring in the receipt (not that I'm suggesting you wouldn't do that, but I would be more comfortable with the finance team doing it).
Interestingly, the rules do allow the purchase of two bikes (bet not many people knew that) in certain circumstances. The majority of the use of the bike must be for commuting, but where an employee cycles from home to a railway station, leaves his/her bike locked there, then cycles from the other end of his rail commute to the office, he/she can have a bike for each leg of the journey. Darned if I'd leave a bike locked up at a station overnight, but I suppose it's conceivable that he/she could leave it with a trusted friend near the station. Unless the employer company has a credit licence, the overall amount of the loaned equipment must not be over £1000. Two bikes of £500 each would be possible therefore...