Follow the latest news from the coronation of King Charles here
British cabinet minister Penny Mordaunt was reborn as the stylish “lady with the sword” as the coronation of King Charles III gave her a starring role.
Ms Mordaunt, 50, won admirers worldwide for her able handling of not one but two ceremonial swords.
She said that in comparison to police and military personnel who were “marching or standing for hours as part of the ceremony … my job was rather easier”.
The first woman to be coronation sword-bearer, she wore a custom-made teal dress for the occasion with a matching cape and headband and gold feather embroidery.
She took on the role in her position as Lord President of the Council — a historic office that comes with a seat at the cabinet table but few policy responsibilities.
When reappointed to the role by Prime Minister Rishi Sunak last year she had to insist it was “not a disappointment” to miss out on a promotion she had been tipped for.
But the position has come into its own during the royal events surrounding the death of Queen Elizabeth II and the start of King Charles’s reign.
Foreign viewers who had never heard of Ms Mordaunt asked eagerly who the “lady with the sword” was as the coronation played out on TV screens worldwide.
In Britain, where Ms Mordaunt made two failed bids to be prime minister last year, there was praise from across party politics as spectators called Ms Mordaunt the “breakout star”.
“The sword bearer steals the show,” said opposition Labour Party MP Emily Thornberry.
Conservative MP Caroline Nokes remarked that her colleague must have “triceps of steel” and said she was “just not sure how Penny Mordaunt could have done this any better”.
Acknowledging the praise, Ms Mordaunt said she was “honoured to be part of the coronation with thousands of others who played their part”.
Ms Mordaunt separately told Times Radio that she had practised with weighted replicas of the swords and done some press-ups to prepare for the role.
She said her service as a naval reservist, which she heavily traded on during her failed leadership bid last summer, gave her experience in “standing for long periods of time not fainting”.
The ceremony involved first carrying the Sword of State, a steel blade dating back to the reign of the last King Charles in the 17th century, then exchanging it for the jewelled Sword of Offering.
The second sword, which was made in 1820 and is set with jewels forming a rose, thistle, shamrock and lion’s heads, was briefly clipped to the king’s ceremonial belt before being returned to Ms Mordaunt.
The Lord President is head of the centuries-old Privy Council, historically an important advisory body to the monarch which today has mainly procedural and ceremonial functions.
Ms Mordaunt, a former magician’s assistant and contestant on a TV diving show, was appointed Lord President and Leader of the House of Commons last September after missing out in a leadership race to Liz Truss.
Two days after her appointment, Queen Elizabeth II died and Ms Mordaunt was involved in the meeting of the Accession Council that proclaimed the new king’s reign.
When Ms Truss’s premiership imploded in 44 days, Ms Mordaunt again ran for the leadership but was outmanoeuvred by Mr Sunak, who opted to keep her as Lord President.
Asked in the House of Commons if it “may not have been the job she was hoping for”, Ms Mordaunt replied that it was “not a disappointment to find myself here”.
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
RESULTS
5pm: Watha Stallions Cup Handicap (PA) Dh 70,000 (Dirt) 2,000m
Winner: Dalil De Carrere, Bernardo Pinheiro (jockey), Mohamed Daggash (trainer)
5.30pm: Maiden (TB) Dh 70,000 (D) 2,000m
Winner: Miracle Maker, Xavier Ziani, Salem bin Ghadayer
6pm: Maiden (PA) Dh 70,000 (D) 1,600m
Winner: Pharitz Al Denari, Bernardo Pinheiro, Mahmood Hussain
6.30pm: Maiden (PA) Dh 70,000 (D) 1,600m
Winner: Oss, Jesus Rosales, Abdallah Al Hammadi
7pm: Handicap (PA) Dh 70,000 (D) 1,400m
Winner: ES Nahawand, Fernando Jara, Mohamed Daggash
7.30pm: Maiden (PA) Dh 70,000 (D) 1,000m
Winner: AF Almajhaz, Abdul Aziz Al Balushi, Khalifa Al Neyadi
8pm: Maiden (PA) Dh 70,000 (D) 1,000m
Winner: AF Lewaa, Bernardo Pinheiro, Qaiss Aboud.
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
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