April 12, 20179 yr Author Hi all, Just in case you were wondering: We are discussing the new Green Commute Initiative. A scheme that enables employees buying an electric bicycle to do so by sacrificing gross sallary to pay for their bike. This means they can save up to 42% off the retail price. The Green Commute Initiative is different from other C2W schemes, it has no upper limit, a final payment of only £1 to buy the bike and it costs the dealer only 5%. GCI will arrange all the details with employers not already on the scheme and will lend them the cash to buy your bike if necessary. The loan would cost less than the NI the employer would normally have to pay if the employee was not on the scheme. It's a "no brainer". All the best, David Edited April 12, 20179 yr by Wisper Bikes
April 12, 20179 yr Having thought about the original concept I can see what Whoosh is trying to do. However I believe there is a fundamental problem with the approach of low rentals and then a payment at the end to account for the price of the bike. This is a hire purchase transaction. Even if you call it something else. IMO HMRC will simply say it's a hire purchase and that doesn't qualify for C2W because the employee can't own the bike. http://www.legislation.gov.uk/ukpga/2003/1/section/244 condition 2 There is also the matter of issuing a Hire Purchase agreement without FCA authorisation. Courts often rule an agreement a sham if it's clear it's purpose is something other than it says it is. If they did that you are in real trouble. This is why all the C2W providers have a hire arrangement and then in a seperate transaction dispose of, hire or loan the bike. This is why we spend £600 an hour with Eversheds, the UK's leading credit lawyers. Come to think of it maybe 5% is too cheap
April 12, 20179 yr Now after all that argy bargy does anyone fancy a free e-bike cultural tour? If you're in London take a look at this: www.quietways.london A chance to try a decent range of e-bikes free of charge and learn something of the amazing history of our capital city. Did I mention it was free?
April 12, 20179 yr Author Wisper bikes will be available to try! Come and say hi. All the best, David
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