UK facing most uncertain elections: Lord Bilimoria

The upcoming UK general election will be the "most uncertain" in the country's history, said one of Britain's most prominent Indian-origin entrepreneurs Lord Karan Bilimoria here today.
The founder of Cobra beer Bilimoria, however, expressed confidence that India-UK bilateral relationship will strengthen under any new British government.
"This is the most uncertain election the UK has witnessed where an elected government which has achieved great economic success is not certain of the outcome," Bilimoria, 53, said at a Global Wealth Management Conclave.
"Prime Minister David Cameron has made three visits to India, more than any British PM. And while we await (Indian) Prime Minister Narendra Modi's visit to the UK, the groundwork has been laid for the relationship to strengthen further under any new UK government," he said.

The focus of the annual conclave, organised by policy platform India Inc. And global accountancy firm BDO, was on private wealth and taxation issues affecting Global Indians.
"It is estimated that around 160,000 high net worth Indians are living around the world and the UK must remain competitive to attract a fair share of them," said Kim Hayward, international liaison partner at BDO.

The 1.5-million Indian diaspora in the UK is believed to occupy a major chunk of the country's high net worth (HNW) population, with many holding assets across various jurisdictions.
"This is a challenge for professional advisers - accountants, lawyers, bankers, wealth mangers - how they can respond to what will inevitably be an increasing demand for joined-up advisory services," said India Inc. CEO Manoj Ladwa.

The sessions at the event centred around the impact of the UK General Elections, on May 7, on Global Indian investments, the debate around non-domicile tax status, Family Wealth and Risk Mitigation as well as property and luxury assets.
"London is the best shop window of the world as far as global investment in concerned and any new UK government will only take relations with India from strength to strength," said Chris Cummins, CEO of TheCityUK, a representative body for Britain's financial services industry.
"The UK has always held a fascination for India and the India-UK relations are at a very stable equilibrium and there are no institutional obstructions to robust ties in the future too," said Indian political analyst Swapan Das Gupta.

On the issue of non-domicile or non-Dom tax status, which affects a number of Global Indians as they tend to be domiciled in India in terms of tax while living outside the country, financial experts warned that the UK government needs to handle the issue sensitively.
"Lots of Indian clients in the UK tend to be non-doms who look at family elements when choosing tax jurisdiction," said Neel Sahai, director of Minerva Trust.