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The UK’s Heathrow Airport is to reopen Terminal 3 after it lay dormant for more than a year owing to the near-shutdown of international travel.
Europe’s busiest airport is preparing for a surge in travellers as countries gradually ease coronavirus restrictions. Its second runway reopened on Monday.
Heathrow said it would reopen Terminal 3 from July 15 for Virgin Atlantic and Delta flights.
The UK government is expected to scrap quarantine requirements for fully vaccinated passengers returning from some countries.
Reviving air travel has been delayed by the spread of the Delta Plus variant of the coronavirus, which has complicated border decisions within government and abroad.
Terminal 3 was shut in May last year as passenger numbers fell steeply during the pandemic. However, after more than a year of restricted travel, Britain's aviation industry is preparing for growth.
"With passenger demand expected to increase when ministers permit fully vaccinated passengers to travel more freely, Heathrow is getting ready to welcome you back", said John Holland-Kaye, Heathrow's chief executive.
The reopening of Terminal 3 means that all of Heathrow's four terminals will be operational.
Heathrow said it plans to continue to use Terminal 4 as a dedicated centre for passengers arriving from high-risk countries on Britain's "red list", who must quarantine in a hotel for 10 days.
The moves at Heathrow come alongside a relaxation of local lockdown rules after the UK administered vaccines against the coronavirus at a quicker pace than most of its peers.
On Monday, Prime Minister Boris Johnson confirmed plans to scrap social-distancing and face-mask requirements in England. The government has said it will allow vaccinated people to return from medium-risk locations without isolating, but it has yet to give details.
Heathrow expects demand to increase “when ministers permit fully vaccinated passengers to travel more freely”, it said.
With the reopening, three of Heathrow’s four terminals will be fully functional, the spokesman said. Virgin Atlantic – which serves green-list destinations including Antigua, Barbados, Grenada and Israel – said it and US partner Delta Air Lines will return to Terminal 3 once it is up and running.
The UK still mandates quarantines, along with expensive Covid-19 tests, for people arriving from most countries.
The government said last month that it plans to ease the rules further “later in the summer” for returnees from amber-listed destinations.
Details are to be set out this month, including the rules for children and when the changes will come into effect.
British Airways, the dominant airline at Heathrow, plans to dramatically increase transatlantic capacity next month, according to data provider OAG.
Masks may remain a feature of air travel regardless of the UK government’s move to make them non-mandatory, the Heathrow spokesman said.
Face coverings have helped airports cope with difficulties of social distancing, which will become tougher as they become busier, and will help restore confidence in air travel, he said.
Masks will also be mandatory on aircraft operated by easyJet and Ryanair, the airlines said.
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FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
2.0
Director: S Shankar
Producer: Lyca Productions; presented by Dharma Films
Cast: Rajnikanth, Akshay Kumar, Amy Jackson, Sudhanshu Pandey
Rating: 3.5/5 stars
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MATCH INFO
Red Star Belgrade v Tottenham Hotspur, midnight (Thursday), UAE
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
How to invest in gold
Investors can tap into the gold price by purchasing physical jewellery, coins and even gold bars, but these need to be stored safely and possibly insured.
A cheaper and more straightforward way to benefit from gold price growth is to buy an exchange-traded fund (ETF).
Most advisers suggest sticking to “physical” ETFs. These hold actual gold bullion, bars and coins in a vault on investors’ behalf. Others do not hold gold but use derivatives to track the price instead, adding an extra layer of risk. The two biggest physical gold ETFs are SPDR Gold Trust and iShares Gold Trust.
Another way to invest in gold’s success is to buy gold mining stocks, but Mr Gravier says this brings added risks and can be more volatile. “They have a serious downside potential should the price consolidate.”
Mr Kyprianou says gold and gold miners are two different asset classes. “One is a commodity and the other is a company stock, which means they behave differently.”
Mining companies are a business, susceptible to other market forces, such as worker availability, health and safety, strikes, debt levels, and so on. “These have nothing to do with gold at all. It means that some companies will survive, others won’t.”
By contrast, when gold is mined, it just sits in a vault. “It doesn’t even rust, which means it retains its value,” Mr Kyprianou says.
You may already have exposure to gold miners in your portfolio, say, through an international ETF or actively managed mutual fund.
You could spread this risk with an actively managed fund that invests in a spread of gold miners, with the best known being BlackRock Gold & General. It is up an incredible 55 per cent over the past year, and 240 per cent over five years. As always, past performance is no guide to the future.
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MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
