the cycle to work scheme
The Cycle to Work Scheme was introduced in 2009 to encourage greater usage of bicycles for journeys to and from work. The scheme offers significant savings for the purchase of a bicycle and related equipment - up to 52% off the retail price, depending on your tax rate - and is very easy to access providing your employer is offering the scheme. In August 2020 the scheme was updated and the limit for tax relief on non electric bikes was increased to €1250.00 and for Electric bikes to €1500.00. The time period that must elapse before being able to access to scheme again was reduced from once every five years to once every 4 years.
This means that a bike and accessories with a retail price of €500.00 may only cost you €250.00 after the tax savings. The scheme also offers savings for employers who operate it as their employers contribution of PRSI will reduce.