THE PANAMA PAPERS_ David Cameron admits he profited from father's Panama fund

The Guardian

David Cameron admits he profited from father's Panama fund

PM sold stake in Blairmore investment fund, which featured in Panama Papers, for £31,500 four months before entering No 10

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* All the Guardian’s Panama Papers revelations so far

Robert Booth, Holly Watt and David Pegg
Friday 8 April 2016 05.07 AEST


VIDEO: David Cameron being interviewed by Robert Peston on his late father’s offshore trust fund.

David Cameron has finally admitted he benefited from a Panama-based offshore trust set up by his late father.

After three days of stalling and four partial statements issued by Downing Street he confessed that he owned shares in the tax haven fund, which he sold for £31,500 just before becoming prime minister in 2010.

In a specially arranged interview with ITV News’ Robert Peston he confirmed a direct link to his father’s UK-tax avoiding fund, details of which were exposed in the Panama Papers revelations in the Guardian this week.

Admitting it had been “a difficult few days”, the prime minister said he held the shares together with his wife, Samantha, from 1997 and during his time as leader of the opposition. They were sold in January 2010 for a profit of £19,000.

He paid income tax on the dividends but there was no capital gains tax payable and he said he sold up before entering Downing Street “because I didn’t want anyone to say you have other agendas or vested interests”.

But the interview appeared unlikely to end scrutiny of Cameron’s tax affairs.

The Labour MP John Mann, a member of the Treasury select committee, said the prime minister should resign, claiming that Cameron had “covered up and misled”.

Cameron also admitted he did not know whether the £300,000 he inherited from his father had benefited from tax haven status due to part of his estate being based in a unit trust in Jersey.

“I obviously can’t point to the source of every bit of money and dad’s not around for me to ask the questions now,” Cameron said.

It was the fifth explanation in four days from Cameron and his aides about the benefits he and his family had enjoyed from the offshore fund.

Downing Street initially insisted it was a private matter, but Cameron then said he had “no shares, no offshore trusts, no offshore funds”. His spokesman later clarified: “The prime minister, his wife and their children do not benefit from any offshore funds.”

Downing Street then said there were no offshore funds or trusts the family would benefit from in future, leaving questions about the past.

In his first interview on the topic after days of stonewalling, Cameron was questioned on whether there was a conflict of interest between his father setting up the Panama-based Blairmore Investment Trust, which did not have to pay UK tax on its profits, and his professed policy to crack down on aggressive tax avoidance.

“Rules have changed, culture has changed,” he said. “And I welcome that. 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.”

Earlier Cameron had refused to take questions from the press while campaigning in Exeter for Britain to stay in the EU. A student managed to address him, saying: “I am very interested in what the collective EU states could do to combat tax avoidance – something you have personal experience of.”

READ MORE: http://www.theguardian.com/news/2016/apr/07/david-cameron-admits-he-profited-fathers-offshore-fund-panama-papers

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