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@DickBarton
It's the way the agreement is written that determines whether it's a loan or hire purchase, not what happens to the bike at the end of the period. The loan must be written in such a way that there is no automatic entitlement for the employee to purchase the bike and equipment at the end of the loan. Have a look at the link someone posted above where it's all explained. I agree that the value of the sale to the employee is a tricky area.
The tune goes through my mind as well.