The UK's traffic light system for international travel went live on May 17. Before then, people in England faced a £5,000 ($6,960) fine for travelling overseas without a valid reason.
The ban was primarily to stop Covid-19 variants of concern entering the country. And it is the threat posed by these variants which led to the initial green, amber and red lists being "necessarily cautious", said UK Transport Secretary Grant Shapps.
He said the lists would be reviewed very regularly, however.
What is the traffic light system?
It determines the level of coronavirus risk in overseas countries, which will be rated red, amber or green – with green representing the fewest restrictions for travellers and red the most.
The status is established by a variety of factors, such as the coronavirus case rate, quality of testing, number of vaccines administered and prevalence of virus mutations.
International travel: what do the rules mean if you are travelling to England?
Passengers who have been in a red list country in the 10 days before departure are required to enter hotel quarantine. Only British and Irish nationals, and those with resident rights, are allowed to travel to England from these countries.
Travellers from both amber and green countries must show a negative Covid-19 test before departure - but only amber passengers are required to isolate at home for 10 days.
What happens if I travel to a ‘green’ country?
Before you travel back to England you must complete a passenger locator form, have proof of a negative Covid test, and book and pay for day two and day eight tests to be taken upon your return.
What happens if I travel to an ‘amber’ country?
Holidaymakers in medium-risk, amber countries will need to take a pre-departure test, then self-isolate for 10 days upon return. In line with current guidance, on days two and eight of this period they will need to take a PCR test.
If they take a private Covid test on day five, they may be able to leave self-isolation if the result is negative.
What happens if I travel to a ‘red’ country?
Holidaymakers going to high-risk, red countries will be forced to enter the UK’s hotel quarantine system upon return for 11 days and pay £1,730 ($2,392) for the privilege.
It is only possible to be exempted from hotel quarantine in an emergency.
What is the green watchlist?
The green watchlist will identify countries most at risk of moving from green to amber status, and the government said it will not hesitate to change a country's status should data show increasing risk.
The watchlist serves as a warning to travellers that quarantine requirements could change.
Transport Secretary Grant Shapps said travellers would be given at least two weeks' notice of any change.
Which countries are on the green list?
Twelve countries or territories were included in the green light category allowing for relatively free travel.
The full green list: Portugal including the Azores and Madeira, Australia, New Zealand, Singapore, Brunei, Iceland, Faroe Islands, Gibraltar, Falkland Islands, Israel, South Georgia and the South Sandwich Islands plus St Helena, Tristan de Cunha, Ascension Island.
More on travel
'Time to book holidays in Italy': Tourism to resume from mid-May
EU to lift travel restrictions for vaccinated tourists
England to give travellers a fortnight’s notice of changes to quarantine-free green list
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Avatar: Fire and Ash
Director: James Cameron
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Rating: 4.5/5
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
