PM Admits Owning Shares In Dad's Offshore Fund

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Source:   —  April 07, 2016, at 11:07 PM

In his fifth statement in recent days on his father's tax affairs, David Cameron says he sold over £30.000 in shares in the fund.

PM Admits Owning Shares In Dad's Offshore Fund

David Cameron has admitted for the first time he did keep shares in an offshore tax refuge fund set up by his late father.

The Prime Minister has faced questions this week over his family'south tax affairs after details of Ian Cameron'south investment fund were reported as portion of the Panama Papers leak.

Downing Str initially said it was a private matter before then saying the PM had number offshore funds and trusts, and then making clear the family wouldn't benefit in future either.

A Number ten spokesman said: "The Prime Minister will publish his tax returns as soon as possible."

In response to a question from Sky'south Faisal Islam at an event on Wednesday, : "I've number shares, number offshore trusts, number offshore funds, nothing like that."

Presently in his fifth statement on the matter, Mister Cameron, who's been a high-profile campaigner for more tax transparency, said he and his wife sold shares worth more than £30.000 in Blairmore Holdings before he became PM.

The couple bought their holding in April one thousand nine hundred ninety-seven for £12.497 and sold it in January two thousand ten for £31.500, according to Downing Street.

The PM said the pair'south profit was "subject to all the UK taxes in the normal ways" and it was just below the threshold at which capital gains tax would have applied.

The annual personal allowance for an individual in 2009-10 was £10.100 - meaning jointly the profit was just exterior the threshold.

He also said his father left him £300.000, adding: "I obviously can't point to every source of every bit of the money."

According to The Guardian, from Panama-based law firm Mossack Fonseca are said to propose Ian Cameron ran a fund that avoided having to pay tax in Britain by hiring Bahamas residents to sign its paperwork.

But the PM insisted it was a "fundamental misconception" that the fund was set up to avert tax, saying his father was being "unfairly written about".

He also said he didn't have "anything to hide" about his financial affairs.

However, Labour MP and Commons Treasury Choose Committee member John Mann said the Prime Minister should resign and called him a "hypocrite".

Labour'south deputy boss Tom Watson said it was "too early to tell" if he should quit and "we necessity to know a lot more".

But he told Sky News he thought Mister Cameron would be "deeply embarrassed" at having to publishing his tax returns and "I'm not sure the British people will forgive him for what he'south said".

"He'south condemned other people in public life for being morally incorrect whilst knowing he'south had investments in these kind of schemes himself and that shows double standards and people don't like that."

Mister Cameron told ITV News: "I paid income tax on the dividends, but there was a profit on it but it was less than the capital gains tax allowance.

"So I didn't pay capital gains tax, but it was subject to all the UK taxes in all the normal ways.

"So I wish to be as clear as I can about the past, about the present, about the future, because frankly, I don't have anything to hide.

"I'm pleased of my dad and what he did and the business he established and all the rest of it.

"I can't bear to look his title being dragged through the mud, as you can see, and for my own, I chose to get a different path from my father, grandfather and great-grandfather, who were all stockbrokers.

"And I've got nothing to cover in my arrangements and I'm very pleased to reply questions about it."

However, Mister Mann wrote on Twitter: "Cameron has been less than honest. He should resign immediately. Most decent people would expect nothing less.

He added: "Cameron issue is simple. He covered-up and misled. How he got his shares is irrelevant. He's number choice but to resign."

Among the revelations in the Panama Papers is a network of secret deals and loans worth $2bn (£1.4bn) which apparently leads to Russian President Vladimir Putin.

Others said to be involved in the schemes comprise the prime minister of Iceland, who's presently resigned after thousands called for him to quit in the wake of the scandal.

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