Dáil Éireann Debate, Wednesday - 6 October 2010
167 Deputy Paul Gogarty asked the Minister for Finance the number of persons who have availed of the cycle to work scheme to date in 2010; if there are any future plans for the scheme; and if he will make a statement on the matter. [35177/10]
Amharc ar fhreagraThe 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. I note that the Commission on Taxation in its report did not recommend any changes to the scheme. However, as with all tax incentive schemes, it is subject to regular review as part of the annual Budget and Finance Bill process.
