The “Cycle to Work Scheme (http://www.cyclescheme.co.uk) is an effort to get more people cycling to work (really?) by making it cheaper to purchase a bike. The idea is that your employer buys a bike (of your choice, you need to arrange a quote with a bike shop), and you pay back the employer over the next twelve months. The good part is that you pay it out of your gross salary, before income tax and NI are deducted. This means that you effectively get 42% off the price of the bike if you’re a higher rate taxpayer. The fiddly bit is that the employer actually owns the bike, and they’re hiring it out to you. After the twelve month hire period you have the option to buy it from the employer as a “fair market rate”, which is 18% of the original price if under £500, 25% if above. Alternatively, you can pay Cyclescheme a 3% or 7% (above or below £500) deposit and continue using it for another three years, and then you keep the bike (or return it and get the deposit back). I’ve just bought an Eastway FB3 from Edinburgh Bicycle Co-operative. It was reduced from £750 to £500 in the first place, and 42% off that brings the actual cost down to £290. I took advantage of the ability to buy safety-related accessories (lights, puncture repair, reflectives, mudguards) as these also get the effective 42% reduction. I now have a very sexy bike for my commute – the only downside is that I’m not allowed to keep my cruddy Raleigh (which I wanted to fix up with drop handlebars and possibly single speed).