PANAMA PAPERS

Cameron admits he had stake in father�s offshore funds

David Cameron has admitted he did have a profitable stake in his father’s offshore investment fund, before selling them for around £30,000 before he became Prime Minister, reports Independent.
The admission comes five days after a huge cache of documents were leaked – dubbed the Panama Papers – detailing the tax affairs of hundreds of individuals of worldwide. The Prime Minister’s father, Ian Cameron, who passed away in 2010, was exposed as running a fund under the name of Blairmore Holdings.
Downing Street staffers initially said that it was a “private matter” whether or not Mr Cameron had benefitted from the fund. It later issued a series of statements denying the Prime Minister currently benefitted from offshore funds, or stood to do so in the future. Though, despite the clarifications, a number of questions still remained.
Labour has condemned the way information about Mr Cameron’s financial affairs was revealed with “drip, drip” statements, and the revelations will raise questions about why Mr Cameron did not admit to personally profiting until five days after the Panama Papers were leaked.
But in an interview with ITV News, he insisted that it was a "fundamental misconception" that Blairmore Holdings, set up by his father Ian Cameron in the 1980s and run from the Bahamas, was set up to avoid tax. He said his father was being "unfairly written about".
He said that his and Samantha Cameron’s profit from the scheme was "subject to all the UK taxes in the normal ways".
Number 10 said Mr and Mrs Cameron bought their holding in April 1997 for £12,497 and sold it in January 2010 for £31,500.
"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," Mr Cameron told ITV.
"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."
Meanwhile, Panama is fighting off a feared international crackdown on its pivotal finance sector, calling for talks to calm a worldwide storm sparked by revelations of its role in a mass of secretive offshore dealings, reports AFP from Panama City.
The small Central American nation launched the fierce rearguard action after a huge leak of 11.5 million documents from Panamanian law firm Mossack Fonseca, the so-called Panama Papers, exposed the confidential dealings of world leaders, celebrities and sports stars.

PANAMA PAPERS

Cameron admits he had stake in father�s offshore funds

David Cameron has admitted he did have a profitable stake in his fathers offshore investment fund, before selling them for around 30,000 before he became Prime Minister, reports Independent. The admission comes five days after a huge cache of documents were leaked dubbed the Panama Papers detailing the tax affairs of hundreds of individuals of worldwide. The Prime Ministers father, Ian Cameron, who passed away in 2010, was exposed as running a fund under the name of Blairmore Holdings. Downing Street staffers initially said that it was a private matter whether or not Mr Cameron had benefitted from the fund. It later issued a series of statements denying the Prime Minister currently benefitted from offshore funds, or stood to do so in the future. Though, despite the clarifications, a number of questions still remained. Labour has condemned the way information about Mr Camerons financial affairs was revealed with drip, drip statements, and the revelations will raise questions about why Mr Cameron did not admit to personally profiting until five days after the Panama Papers were leaked. But in an interview with ITV News, he insisted that it was a fundamental misconception that Blairmore Holdings, set up by his father Ian Cameron in the 1980s and run from the Bahamas, was set up to avoid tax. He said his father was being unfairly written about. He said that his and Samantha Camerons profit from the scheme was subject to all the UK taxes in the normal ways. Number 10 said Mr and Mrs Cameron bought their holding in April 1997 for 12,497 and sold it in January 2010 for 31,500. 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 didnt pay capital gains tax, but it was subject to all the UK taxes in all the normal ways, Mr Cameron told ITV. So I want to be as clear as I can about the past, about the present, about the future, because frankly, I dont have anything to hide. Im proud of my dad and what he did and the business he established and all the rest of it. I cant 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 Ive got nothing to hide in my arrangements and Im very happy to answer questions about it. Meanwhile, Panama is fighting off a feared international crackdown on its pivotal finance sector, calling for talks to calm a worldwide storm sparked by revelations of its role in a mass of secretive offshore dealings, reports AFP from Panama City. The small Central American nation launched the fierce rearguard action after a huge leak of 11.5 million documents from Panamanian law firm Mossack Fonseca, the so-called Panama Papers, exposed the confidential dealings of world leaders, celebrities and sports stars.