David Cameron has admitted his involvement with an offshore trust established by his father, and exposed within the Panama Papers.
The British Prime Minister revealed he did have a profitable stake in Blairmore Holdings, a trust set up by his father Ian Cameron in the 1980s, reports The Independent.
David Cameron, along with his wife Samantha, had a reported 5,000 units in the trust which were sold for around £30,000 prior to his election as PM.
The Tory leader has spoken to ITV to argue that his father, who died in 2010, is being ‘unfairly written about’.
The Prime Minister declared that his profits were ‘subject to all the UK taxes in the normal ways.’
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 want 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 proud of my dad and what he did and the business he established and all the rest of it.
I can’t bear to see his name being dragged through the mud, as you can see, and for my own, I chose to take a different path from my father, grandfather and great-grandfather, who were all stockbrokers, and I’ve got nothing to hide in my arrangements and I’m very happy to answer questions about it.
Downing Street claimed that Cameron purchased his holding in 1997 for £12,497, selling it in January 2010 for £31,500.
So, it only took him five days to address it…