In excess of 400,000 employees from more than 25,000 companies have made use of the bike buying Cycle to Work initiative since it was launched ten years ago, according to national retailer Halfords.
The retail giant said that there was been a 50 per cent rise in customers using the scheme to buy their bike over the past 12 months.
Halfords, which estimates that it sells one in three bikes in the UK, said that higher-rate tax payers can save up to 52 per cent off the normal shop price for a bicycle, while basic-rate taxpayers can save around 40 per cent.
“Cycling is growing in popularity all the time and the Cycle to Work scheme provides the added incentive many employees need to incorporate cycling into their daily commute," said Keith Scott, head of business services for Halfords.
"There are so many benefits to cycling that include health and fitness and travel cost savings. The significant Cycle To Work tax break incentive means there is no excuse not to get on your bike.”