"David Cameron has admitted he did have a profitable stake in his father’s offshore investment fund, before selling it for around £30,000 before he became Prime Minister.
The admission comes five days after a huge cache of documents were leaked – dubbed the Panama Papers – detailing the tax affairs of thousands 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 in the papers.
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.
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 (AtW's comment: Capital gain was 19003, how was that below threshold???), 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 IT
"
Source: Panama Papers: David Cameron admits he did have a stake in father Ian Cameron's offshore investment fund | UK Politics | News | The Independent
So, he DID profit from offshore fund which never paid UK tax!
His CGT supposedly was below threshold, so no sale... but would he really ONLY own £30k worth of shares in a fund which allegedly had millions???
The admission comes five days after a huge cache of documents were leaked – dubbed the Panama Papers – detailing the tax affairs of thousands 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 in the papers.
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.
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 (AtW's comment: Capital gain was 19003, how was that below threshold???), 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 IT
"
Source: Panama Papers: David Cameron admits he did have a stake in father Ian Cameron's offshore investment fund | UK Politics | News | The Independent
So, he DID profit from offshore fund which never paid UK tax!
His CGT supposedly was below threshold, so no sale... but would he really ONLY own £30k worth of shares in a fund which allegedly had millions???
), so during all those years his family honestly paid those taxes and only in 80s when tax rates were cut to something more reasonable they opened offshore company to avoid paying .... 
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