Tax efficiency - Company vouchers VS Cycle to Work scheme

NYorks_

Hello,

I searched for an answer to my question on this forum but could not find any, so I hope I can pick someone's brain here.

I'm planning to buy a piece of cycling equipment which has a retail price of approx 600 Pounds. I'd like to understand what is the most tax efficient way to do so among the two options listed below. I'm a HRT payer (who maximizes contributions to a company pension scheme and a SIPP each year to the max allowance):

- Option 1: use vouchers that the company provides via an internal reward scheme - this benefit is taxable, therefore 600 Pounds equivalent in vouchers would be less given the tax that needs to be paid on that amount. However, the only actual cost that I would incur (from my understanding) is the tax as the cost of the equipment is covered by the voucher(s)

- Option 2: use the cycle to work scheme

Would anyone be able to help?

Many thanks in advance

Jeremy535897

Depending on what it is you are buying, I would have thought the cycle scheme would be best:

https://www.cyclescheme.co.uk/the-rules-of-cycle-to-work