Tánaiste makes it easier for teachers to access 'Cycle to Work' scheme [education.ie]
- Published: 04 August 2010
The Tánaiste and Minister for Education and Skills, Mary Coughlan TD, today confirmed reform to the 'Cycle to Work' scheme for teachers and school staff.
The 'Cycle to Work' scheme allows a benefit-in-kind tax exemption to apply where an employee agrees to forego or sacrifice part of his or her salary to permit his or her employer to purchase a new bicycle, and/or bicycle safety equipment, up to a value of €1,000 on his or her behalf.
The employee does not pay tax, PRSI, income levy or pension related deduction on the remuneration sacrificed.
Publishing a revised circular for schools on the scheme, the Tánaiste said that some of the feedback she had received on the 2010 scheme, 'Highlighted the need for more flexibility and an extended application period to allow teachers and school staff avail of the benefits of the 'Cycle to Work' scheme.
The revised scheme for 2011 will allow teachers returning to work this September to apply for the scheme, and salary deduction in 2011, until May of next year.
Full Story: www.education.ie
