David Cameron, Britain’s Prime Minister admits to having had stake in offshore trust

Iceland’s President has already resigned following the leak now dubbed as the ‘Panama Papers’. There is increasing pressure on Britain’s Prime Minister to come clean.

During a TV interview, yesterday, British Prime Minister David Cameron acknowledged that he once had a stake in his late father’s offshore trust, the details of which were revealed in the “Panama Papers” following a leak from Mossack Fonseca, a law firm based out of Panama.

Cameron has told ITV News that he had once owned shares of Blairmore, a Panamanian trust. However, he had sold them in 2010 before he became Britain’s Prime Minister.

“We owned 5,000 units in Blairmore Investment Trust, which we sold in January 2010. That was worth something like £30,000”, said Cameron to ITV in an interview. “I paid income tax on the dividends. There was a profit on it but it was less than the capital gains tax allowance so I didn’t pay capital gains tax,”.

Sky News has said in a tweet that Cameron is expected to publish his tax returns as soon as possible.

In a damning disclosure, Ian, David Cameron’s late father, was named as one among tens of thousands of people who had secretly stashed their wealth in offshore accounts.

Mossack Fonseca is a Panamanian law firm which specialises in setting up offshore companies, which are typically used to avoid paying taxes. They are also used for legitimate reasons for corporates and individuals.

A Spokesman for Cameron had said in a statement earlier this week that the Prime Minister, his wife and their children did not benefit from any offshore funds, at present.

The following day, a spokesman for Cameron had said: “There are no offshore funds or trusts which the Prime Minister, Mrs Cameron or their children will benefit from in future.”

Categories: Economy & Finance, Geopolitics, Regulations & Legal, Strategy

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