Sean Sherlock
Ceist:185 Deputy Seán Sherlock asked the Minister for Finance the number of persons availing of the cycle to work scheme since its inception; and if he will make a statement on the matter. [7588/10]
Amharc ar fhreagraTuesday, 16 February 2010
Ceisteanna (129)
Freagraí scríofa
The cycle to work scheme came into operation on 1 January 2009. With a view to keeping the scheme simple and reducing administration on the part of employers, there is no notification procedure for employers involved. Accordingly, the Revenue Commissioners do not have statistics on the uptake of the scheme. The scheme operates on a self-administration basis, and relief is automatically available provided the employer is satisfied that the conditions of their particular scheme meet the requirements of the legislation.
The purchase of bicycles and associated safety equipment by employers for employees or directors is subject to the normal Revenue audit procedure with the normal obligations on employers to maintain records (e.g. delivery dockets, invoices, payments details, etc.). The employer is also obliged to keep all salary sacrifice agreements entered into between the employer and employees/directors, together with all signed statements from employees/ directors regarding use of the bicycles and safety equipment.
It was estimated at the time of the introduction of the scheme that approximately 7,000 employees would avail of it over the first five year period of its operation (the exemption may apply only once in any five year period in respect of any employee).