I guess I could find this out with some googling but I’ve tried before and got confused. In one simple sentence please can you tell me whats the deal, when would the bike be mine?

Ta!

You have a loan agreement with your company, you pay off said loan before tax – hence getting a tax-free bike. Lovely.

You then pay back *an amount* after the agreed loan period (1 or 3 years usually), which is something like 10% of the market value of the bike at the end of the load period.

Once you’ve paid that, you own the bike 🙂 Yipee!

Simple.

To avoid the tax liability some schemes retain ownership till the value of the bike had decreased to zero as far as HRMC is concerned. Something like 3 or 4 years.
After 1 year HRMC view the bike as still being worth something like 25% of its value. If that is transferred to you are liable to pay whatever your rate of tax is on that value.

Cyclescheme guidance here:- http://www.cyclescheme.co.uk/employers/employer-updates/hmrc-update
Our company does a 3 year scheme, mine finished last year and I paid tax on 12% of £1000.

Thanks chaps