Written answers

Thursday, 4 December 2014

Department of Finance

Cycle to Work Scheme Data

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail)
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80. To ask the Minister for Finance if his Department has conducted any further analysis on the costs and benefits of the cycle to work tax incentive; and if he will make a statement on the matter. [46723/14]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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As the Deputy will be aware from a previous PQ in relation to this incentive, the cycle to work scheme came into operation on 1 January 2009 and there is no notification procedure for employers involved. Therefore the Revenue Commissioners do not have statistics on its uptake. This approach was taken with the deliberate intention of keeping the scheme simple and reducing administration on the part of employers.

As I noted in a previous response, it was estimated at the time of the introduction of the scheme that approximately 7,000 employees would avail of it over the first five-year period of its operation. However anecdotal evidence would suggest that the scheme has been considerably more successful than this and its continuation has been welcomed by the cycle business sector.

While I have not asked my officials to conduct any further specific analysis along the lines set out by the Deputy, I would advise him that all such schemes are reviewed in the context of the annual Budget and Finance Bill process.


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