A salary sacrifice happens when you give up the right to receive part of your salary due. The salary sacrifice enables you to pay back the loan on your bike, accessories, and safety equipment from gross rather than net pay for the hire period. This allows you to benefit from income tax and National Insurance relief, which is where savings are accrued.
Savings made through the scheme are dependent on your persona tax band. As an example, if you are a basic rate tax payer, you can save up to 36.6%, but the actual amount you pay depends on your personal tax band.
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