What can I get and how much can I spend on the Isle of Man scheme?
The IoM scheme allows you to access bicycles including electrically assisted pedal cycles and/or safety equipment including helmets, lights, and clothing.
The value of your cycle to work package that is subject to the income tax and NIC exemption is limited to £1,000 (* see e-Bike exception note below) in a period of three consecutive tax years; the tax year on the Island runs from April 6th to April 5th. For example, if you join the scheme in June 2022 you will not be able to participate again until April 2025.
You are permitted to make your own contribution towards the cost of your chosen equipment if the value exceeds £1,000 without affecting your savings via the salary sacrifice. Any additional contribution should be paid to the cycle retailer directly.
* e-Bike higher limit: For electric bikes only, it is possible to increase the maximum value from £1,000 to a maximum of £1,600 using your ‘provision of any other benefits’ allowance. For further details please contact your employer to discuss your available allowance prior to submitting your request via the Cyclescheme website.