Date
30 March 2017
David Cameron acknowledged that he had benefited in the past from a Panama-based trust fund set up by his late father. Photo: Reuters
David Cameron acknowledged that he had benefited in the past from a Panama-based trust fund set up by his late father. Photo: Reuters

UK’s Cameron admits he held stake in father’s offshore trust

British Prime Minister David Cameron acknowledged on Thursday that he once had a stake in his late father’s offshore trust and that he had benefited from it.

In an interview with ITV News following the Panama Papers controversy, Cameron said that he had owned shares in the Panamanian trust, Blairmore, but had sold them in 2010, before becoming prime minister, Reuters reported.

“We owned 5,000 units in Blairmore Investment Trust, which we sold in January 2010. That was worth something like 30,000 pounds,” he said.

“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,” the British leader said.

Cameron’s late father, Ian, was among tens of thousands of people named in leaked documents from Panama law firm Mossack Fonseca which showed how the world’s rich and powerful stash their wealth.

On Wednesday, a spokesman for Cameron said: “There are no offshore funds or trusts which the prime minister, Mrs Cameron or their children will benefit from in future.”

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RC

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