No no. The employee signs the lease with Evans Cycles, which means they are making use of our FCA authorization. Cycle to Work is a wage reduction program that allows employers to lend bicycles and related equipment to employees as a tax-exempt benefit. It`s not a new system – it`s indeed been in place since 1999 – but you may have heard more about it lately than the COVID-19 pandemic. Once the rental period is over, the employee has two options: Dear XXX, this is the confirmation that you have concluded your 60-month lease with Evans Cycles, which allows you to use the bike for free. If you wish to take possession of the bike during this rental agreement, you can do so by making a payment based on the hmrc guidelines for a fair assessment of the market. To calculate the amount of this payment, please see the table below.