TheCable

David Cameron has finally admitted he did have a profitable stake in his father’s offshore investment fund in Panama, worth over £30,000. However, he said he sold it before he became prime minister.

According to The Independent, the admission comes five days after the leak of a huge cache of documents – dubbed the Panama Papers – detailing the tax affairs of thousands of individuals of worldwide.

The Panama papers had revealed that Ian Cameron, David’s father, who passed away in 2010, ran a fund under the name Blairmore Holdings.

In an interview with ITV News, Cameron said it was a “fundamental misconception” that Blairmore Holdings, set up by his father in the 1980s and run from the Bahamas, was set up to avoid tax.

He said his father was being “unfairly written about”, adding that his and Samantha Cameron’s profit from the scheme 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,” 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.”

The English state house said “Mr and Mrs Cameron bought their holding in April 1997 for £12,497 and sold it in January 2010 for £31,500”.