Rachel Reeves set to clamp down on high-end bike purchases in Cycle to Work scheme

"Your donation allows us to keep sending journalists to speak to both sides of the story. The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it."

"Rachel Reeves is poised to axe high-end bikes from the Cycle to Work scheme amid concerns it is being exploited by richer commuters, reports suggest. The chancellor will look to clamp down on workers buying expensive bikes under the government-backed subsidy scheme, which allows employees to buy bikes and accessories without interest through a loan from their employer, according to reports in the Financial Times. Cyclists then make repayments through their salary before income tax and national insurance is factored in."

The Independent finances on-the-ground reporting through reader donations and keeps content free by avoiding paywalls. Donations enable journalists to investigate topics ranging from reproductive rights to corporate political funding and to produce documentaries. The outlet emphasizes trust across the political spectrum and a funding model where those who can afford it support quality journalism for everyone. Separately, Chancellor Rachel Reeves is reportedly preparing to remove high-end bikes from the Cycle to Work scheme amid concerns wealthier commuters are exploiting the tax advantage. The scheme allows salary-sacrifice loans for bikes with repayments made before income tax and national insurance.

Read at www.independent.co.uk