Queen Elizabeth II dies - follow the latest news as the world mourns
King Charles III has been officially proclaimed Britain's monarch in a historic Accession Council ceremony, which for the first time was broadcast live for viewers around the globe.
The king arrived at St James’s Palace, a royal residence in central London, on Saturday morning with his wife Queen Consort Camilla. He was also accompanied by his son Prince William, the new heir to the throne and bearer of his father's former title, Prince of Wales.
The UK's Accession Council met without the new king to proclaim him sovereign — officially confirming his title, King Charles III — before he joined them to make a series of oaths and declarations.
The Privy Council heard that Queen Elizabeth II died and that her eldest son had been proclaimed as King Charles III.
More than 200 privy councillors – a group of mostly senior politicians past and present, some members of the monarchy and other national figures – were present to hear the Clerk of the Council read the Accession Proclamation.
Prince William and the queen consort, both privy councillors, were among those who formally proclaimed King Charles III.
Prime Minister Liz Truss and Penny Mordaunt, leader of the House of Commons, in signing the declaration officially recognised him as king.
Several former prime ministers were also in attendance, including Boris Johnson, David Cameron, Theresa May and Tony Blair.
In an address after the proclamation was signed, the king paid tribute to his late mother.
He said it was his “most sorrowful duty” to announce the death of his mother and said the whole world sympathises with him “in the irreparable loss we’ve all suffered”.
He paid tribute to the outpouring of “overwhelming affection and support” to the royal family in the wake of the loss of their matriarch.
"My mother gave an example of lifelong love and of selfless service," he said. "My mother's reign was unequalled in its duration, dedication and devotion. Even as we grieve, we give thanks for this most faithful life. I am deeply aware of this deep inheritance and of the grave duties and responsibilities which are now passed to me."
He vowed to “strive to follow the inspiring example that has been set in upholding constitutional government and to seek the peace, harmony and prosperity of the peoples” across the UK and the Commonwealth realms.
He also acknowledged his spouse, saying: "I am profoundly encouraged by the constant support of my beloved wife."
With an eye on the road ahead at the helm of the royal family, he added: “I pray for the guidance and help of Almighty God”.
The king approved a bank holiday on the day of his mother's funeral.
After the ceremony, an official read the proclamation aloud from a balcony at St James’s Palace, watched by a crowd of members of the public. He proclaimed that "Prince Charles Philip Arthur George is now by the death of our late sovereign of happy memory become our only lawful and rightful liege lord, Charles III".
It will also be read out in the medieval City of London and at the Royal Exchange at noon.
God Save the King was performed by the Coldsteam Guard at St James's Palace while a gun salute took place at the Tower of London.
The ceremony is steeped in ancient tradition and political symbolism, and has garnered a high level of interest in the UK and abroad.
While Charles automatically became king when his mother died on Thursday at Balmoral, the Accession Ceremony is a key constitutional and ceremonial step in introducing the new monarch to the country.
Britain is holding a period of mourning for the queen, with days of carefully choreographed ceremonies marking the death of the only monarch most people have ever known.
In the next few days the queen’s body will be brought from Balmoral, first to Edinburgh and then to London, where she will lie in state before a funeral at Westminster Abbey, expected around September 19.
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
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Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
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.”
