Up until recently £1000 was the upper limit (at least for companies without their own consumer credit license).
However, new legislation has removed the £1000 limit for bikes under the Governments Cycle To Work initiative, so employers can now apply to have no limit on the value of certificates issued to employees! This new limit is available now so your employer can start applying for a higher (or even unlimited) Cycle To Work limit straight away!
If you want to benefit from this new higher limit, all you need to do is get in touch with your employer or HR department and ask them to apply for a higher limit through their chosen Cycle To Work provider. Then you can apply for a higher value certificate and save on your dream bike!
Adding funds or ‘topping-up’ – with the new government guidance on scheme limits, it is now no longer possible to ‘add funds’ or ‘top-up’ your voucher to buy a higher value bike. This means that if you are looking for a bike or package worth £1000 or more, you must go through the new process with your employer or scheme provider to request a voucher for the full value.