Results 1-7 of 7 for "cycle to work" segment:8426997

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Pearse Doherty: Will the Minister outline how many people are already availing of the cycle-to-work scheme and what provisions are in place to gather data on it?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Paschal Donohoe: ...'s question, the most recent tax expenditure report from the Department of Finance estimated that there are now 25,000 taxpayers availing of the scheme. The taxes forgone are estimated to be at €5.5 million. The cycle to work scheme operates on a self-administration basis but the most recent report we did estimated it covers around 25,000 people.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Steven Matthews: We will come back to the cycle to work scheme.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Pearse Doherty: ...who applies for the scheme should be able to retain the benefits of it if they move into another form of employment? For example, let us say Mr. X was to approach his employer and apply under the cycle to work scheme. The employer purchases the bicycle and deductions are made to the salary. The benefit to the individual is that if they are paying the higher rate of tax, they are saving...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Gerald Nash: ...such expenses are exempt if incurred again within four years, where they were incurred in order to replace a bicycle or bicycle safety equipment that was stolen.”.”. Amendment No. 6 relates to the cycle to work tax scheme. The Minister will be aware that an employee can only use that scheme once every four years. I have come across cases where bikes have been stolen,...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Paschal Donohoe: I thank the Deputy for tabling these amendments. On amendment No. 6, the cycle to work scheme provides, as the committee will know, that employees can avail of the scheme once in a four-year period. The reduction from five years was provided for in the Financial Provisions (Covid-19) (No. 2) Act 2020. The scheme covers the cost of bicycle locks and other safety equipment to deter bicycle...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Gerald Nash: I may reintroduce both amendments on Report Stage to have them interrogated further. On amendment No. 7, I am not fixated on using the cycle to work scheme to provide supports and incentives for families to obtain bikes. The principle of the issue should be examined further. As a society, we want to introduce young people to bikes. Those of us who adopt a love of cycling when we are...