The Winchester & Chandler's Ford MP has confirmed that employees can now borrow up to £10,000 interest free from their employers to cover the upfront cost of their season ticket, which can then be deducted monthly from their net salary.
Steve Brine said: "I have had a few conversations recently with local commuters, who appear to have been unaware of the recent change in the law, which will increase the current statutory threshold for the cash equivalent of taxable cheap loans to be treated as earnings of the employment from £5,000 to £10,000.
"In a nutshell, it allows commuters to take advantage of a cheaper annual rate and to buy their ticket all at once, rather than the hassle and expense of buying a ticket monthly and being charged more as a result."
Writing to Mr Brine, Treasury Minister David Gauke MP confirmed that this initiative will take effect from 6th April in 2014. The measure is expected to help thousands of local residents who commute from Winchester, Shawford and Chandlers' Ford every day.
Steve Brine added: "There are so many major issues surrounding rail travel, and I am working hard to address these with South West Trains and Network Rail, as well as Ministers in the Coalition Government but this is a relatively simple cost of living measure I know will be very welcome among my constituents.
"It is especially pleasing to see this announcement as it's something I have lobbied hard for on behalf of commuters locally."
The MP added that he is currently organising an 'Ask South West Trains' event which will take place in Winchester in November.
Steve Brine can be contacted via [email protected] or 01962 791110.