I propose to take Questions Nos. 56 and 57 together.
The Cycle to Work Scheme exempts (from income tax, employee PRSI and USC) the benefit-in-kind (BIK) arising from the provision of a bicycle / cycle safety equipment by an employer to an employee (or director), where the bicycle is used by the employee to cycle to and from work or between workplaces.
I have no plans to amend the Scheme as suggested since the concept of BIK does not arise in the case of the self-employed. For self-employed persons all expenses “wholly and exclusively” incurred for the purpose of their trade or profession are allowable for tax purposes. There is no tax deduction for self-employed persons in respect of costs incurred by them in relation to travelling to and from their place of business.
While schemes of this nature are kept under review by my officials, at present I do not have any specific plans to change the maximum value exempted.