ok, if you a PAYE employee (basically a tax paying employee) you're eligible. The bike has to be used mainly for travelling to work, but you don't have to keep records and it can include travel to a train station.

Your company can claim back VAT.
Your company can loan you the bike free (or they may decide to charge you)
You can buy the bike at the end of the loan period for Fair Market Value.

Even if your company run it in a way that costs them nothing, you'll still get a bike for about 50-65% of the purchase price.

Here's the official government blurb: http://www.dft.gov.uk/pgr/sustainabl...mplementat5732