UK PM admits he had stake in Panama trust

Panama Papers: Tax havens of the rich and powerful revealed in major leak of confidential documentsAustralian watchdog probes Panama papersChinese leadership linked to documentsMassive document leak taints politicians, sports stars

British Prime Minister David Cameron has acknowledged he once had a stake in his late father’s offshore trust, in an interview with ITV News.

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Cameron said on Thursday he had owned shares in the Panamanian trust, Blairmore, but had sold them in 2010, before becoming prime minister.

“We owned 5000 units in Blairmore Investment Trust, which we sold in January 2010. That was worth something like STG30,000 ($A55,750)”, 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,” he added.

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 are able to conceal wealth and avoid taxes.

In a statement on Tuesday, a spokesman for Cameron told Reuters that the prime minister, his wife and their children did not benefit from any offshore funds at present.

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.”

What the Panama leak has exposed:2.6 terabytes of data exposing 11.5 million documents leaked by an insider in 2015 from Panama-based law firm Mossack FonsecaPapers disclose the activities of 214,000 shell companiesImplicates at least 12 current and former heads of state and 128 other politicians to illicit financial transactionsRussian President Vladimir Putin, former Egyptian autocrat Hosni Mubarak and Syrian President Bashar al-Assad among those implicatedData include the names of spies, drug dealers and other criminalsNumerous celebrities and sports stars, including Argentinian soccer great Lionel Messi also shown to have taken advantage of the services of the offshore companies