The government set out its legislative agenda in the King’s Speech on 17 July 2024.  

The speech included a commitment to bring forward measures to remove the VAT exemption for private school fees. ICAEW has published an article looking at how this could be achieved, and whether it would make VAT simpler. 

40 bills and draft bills were announced, including the Budget Responsibility Bill. The purpose of this bill is to ensure that any government making significant and permanent tax and spending changes, will be subject to an independent assessment by the Office for Budget Responsibility. The bill has been published and has had its first reading in the House of Commons.  

Other bills which may be of interest to tax practitioners include: 

• the Skills England Bill: which will reform the apprenticeship levy as the growth and skills levy; and

• the Employment Rights Bill: which will make a number of changes relevant to employees and employers, including removing the lower earnings limit for statutory sick pay. 

ICAEW has published a separate article setting out the measures most relevant for businesses, including legislation on audit and corporate governance reform.

Further information

• ICAEW article on what may be announced at the next budget