The race for leadership of the Conservative Party narrowed to eight candidates late on Tuesday, with Rishi Sunak leading in the number of endorsements.
The contenders required 20 nominations from fellow MPs to reach the first round of voting, with former health secretary Sajid Javid withdrawing with minutes before the 6pm deadline.
In addition to Mr Sunak, the MPs who made it through the first hurdle were Foreign Secretary Liz Truss, Trade Secretary Penny Mordaunt, Chancellor Nadhim Zahawi, former foreign secretary Jeremy Hunt, former minister Kemi Badenoch, Solicitor General Suella Braverman and former army officer Tom Tugendhat.
The Iraqi-born chancellor Mr Zahawi tweeted after the announcement that he was “delighted to be nominated by my colleagues to stand for the leadership of our party and the country”.
He added: “For the country that has given me so much, I am deeply honoured. I am British by choice, but I am #conservativebyconviction. I look forward to tomorrow’s ballot.”
Contenders began to drop out throughout the day, including Transport Secretary Grant Shapps, after they failed to reach the required number of endorsements. Mr Shapps was joined by the relatively unknown but respected Foreign Office minister Rehman Chishti.
Political observers noted that Mr Javid, whose resignation last week ultimately triggered Boris Johnson’s downfall, was victim of the adage that “he who wields the knife does not get the crown”.
Mr Shapps was among a number of ministers who pledged their support to Mr Sunak, who now appears on course to be one of the last two candidates.
Sir Graham Brady, chairman of the 1922 Committee that sets Conservative Party rules, announced the candidates in alphabetical order in the same committee room where, on June 6, Mr Johnson faced a vote of confidence that eventually led to his resignation last week.
Sir Graham stated the first ballot would be on Wednesday between 1.30 and 3.30pm BST, with the result announced shortly afterwards.
There was also some reported underhanded dealings, with suggestions that Mr Hunt was given votes by Mr Sunak’s many MP supporters to ensure he was in the race, as the team know he would certainly be beaten in the final pairing.
In the latest polling of Conservative members, Mr Sunak and Ms Truss came out on top.
An Opinium survey showed that 28 per cent had chosen Mr Sunak, 20 per cent had chosen Ms Truss and with Ms Mordant favoured by 14 per cent.
The final pair will face six weeks of hustings across the county, where they will be questioned by Conservative Associations. The 200,000 Conservative Party members will then vote by postal ballot on who they want to become their leader and hence prime minister.
The person who eventually replaces Mr Johnson will be announced on September 5, becoming the fourth British prime minister in six years.
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Torque: 678Nm at 7,250rpm
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SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2a)
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COMPANY PROFILE
Name: Rain Management
Year started: 2017
Based: Bahrain
Employees: 100-120
Amount raised: $2.5m from BitMex Ventures and Blockwater. Another $6m raised from MEVP, Coinbase, Vision Ventures, CMT, Jimco and DIFC Fintech Fund
England squads for Test and T20 series against New Zealand
Test squad: Joe Root (capt), Jofra Archer, Stuart Broad, Rory Burns, Jos Buttler, Zak Crawley, Sam Curran, Joe Denly, Jack Leach, Saqib Mahmood, Matthew Parkinson, Ollie Pope, Dominic Sibley, Ben Stokes, Chris Woakes
T20 squad: Eoin Morgan (capt), Jonny Bairstow, Tom Banton, Sam Billings, Pat Brown, Sam Curran, Tom Curran, Joe Denly, Lewis Gregory, Chris Jordan, Saqib Mahmood, Dawid Malan, Matt Parkinson, Adil Rashid, James Vince
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
UEFA CHAMPIONS LEAGUE FIXTURES
All kick-off times 10.45pm UAE ( 4 GMT) unless stated
Tuesday
Sevilla v Maribor
Spartak Moscow v Liverpool
Manchester City v Shakhtar Donetsk
Napoli v Feyenoord
Besiktas v RB Leipzig
Monaco v Porto
Apoel Nicosia v Tottenham Hotspur
Borussia Dortmund v Real Madrid
Wednesday
Basel v Benfica
CSKA Moscow Manchester United
Paris Saint-Germain v Bayern Munich
Anderlecht v Celtic
Qarabag v Roma (8pm)
Atletico Madrid v Chelsea
Juventus v Olympiakos
Sporting Lisbon v Barcelona
Spider-Man%202
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'How To Build A Boat'
Jonathan Gornall, Simon & Schuster
Honeymoonish
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What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence