C2W Increase in Maximum Spend?
- Thread starter bpsmith
- Start date
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Big Dave laaa
Biking Ninja
- Location
- Flintshire
Last rumour I heard was that the tories were planning to do away with all salary sacrifice schemes but I don't know whether there's any truth in it.
T.M.H.N.E.T
Rainbows aren't just for world champions
- Location
- Northern Ireland
Wasn't the £1000 due to lack of consumer credit licence or something? Companies that have this can offer more
Flying Dodo
It'll soon be summer
They've clamped down on anyone earning above £110,000 meaning from 8th July anyone earning above that amount won't be allowed to create a new salary sacrifice to reduce their salary. This was mainly in respect of the further restriction to the maximum amount that higher earners (or their employers) are now allowed to pay into pension, which now tapers down from £40,000 pa to £10,000 pa.
There's been no change in salary sacrifice for anyone else.
For the C2W scheme, in theory there's no problem in the Government upping the £1,000 limit as they'd just have to create a higher amount as being exempt from the need to have what was originally a consumer credit licence and would now be a particular regulated permission from the FCA. However, if they were going to do it, then last week's Budget would have been the time to announce it.
There's been no change in salary sacrifice for anyone else.
For the C2W scheme, in theory there's no problem in the Government upping the £1,000 limit as they'd just have to create a higher amount as being exempt from the need to have what was originally a consumer credit licence and would now be a particular regulated permission from the FCA. However, if they were going to do it, then last week's Budget would have been the time to announce it.
I haven't heard anything and I am a member of my hospitals cycling group and we will be reopening our scheme agsin in August and our posters are all going to say £1000. I would love it to be more as I am going to get a Genesis CDF for my new winter bike and would prefer not to have to top up the difference.
Mark1978
Veteran
- Location
- Shouldham, West Norfolk
Just a quick question on C2W, if you want a bike that's more than the £1000, can you put the £1000 towards it?
vickster
Legendary Member
Depends on the retailer usually. Do you need to spend more than a £1000 on a commuter bike?
Bear in mind quite a number of retailers charge a surcharge on C2W purchases (~10% usually) as they get charged too to redeem the voucher. Also, not all retailers will take the vouchers on reduced bikes
And of course, overseas retailers like Rose and Canyon don't take them
Bear in mind quite a number of retailers charge a surcharge on C2W purchases (~10% usually) as they get charged too to redeem the voucher. Also, not all retailers will take the vouchers on reduced bikes
And of course, overseas retailers like Rose and Canyon don't take them
Depends on a couple of things.
1.) Is the shop willing to do it
2.) Will the people running the scheme allow it
3.) Does your company have a consumer credit licence to allowing you to go over the hypothetical 1K limit
I did, but as other posters say, "it depends"
One thing you may want to think about is that the bike is technically owned by your employers until you've paid it off, so if you were considering changing jobs during the 12 months it could get quite complicated if the paper value and the actual purchase price were different.
vickster
Legendary Member
And make sure it's fully insured as you are responsible for the payments until the bike is yours (check the terms of your company's scheme around final payments etc, if you are paying full price for the bike it may not be such a saving, against paying 'cash' for a reduced one)
