British Prime Minister, David Cameron admitted he benefited from the offshore investment fund set up by his late father and that he sold the stake in his late father’s offshore investment fund four months before taking office in 2010.
Cameron said on Thursday, after days of pressure following the publication of the Panama Papers leak that he owned a stake in the Blairmore trust, which he sold in 2010 four months before taking office.
He admitted on Britain’s ITV television that, “We owned 5,000 units in Blairmore Investment Trust, which we sold in January 2010. That was worth something like £30,000 ($42,000)”. He added,”I sold them all in 2010, because if I was going to become prime minister, I didn’t want anyone to say you have other agendas, vested interests”.
He stressed that he 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.