Dave Had £30,000 Stake in Offshore Trust

He tells Peston he and SamCam did own a stake in his father’s Panama trust, which he sold for £30,000 in 2010:

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

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. But it was subject to all the UK taxes in all the normal way.

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.

[On his £300,000 inheritance] I obviously can’t point to every source of every bit of the money and dad’s not around for me to ask the questions now.

In all of this I’ve never hidden the fact that I’m a very lucky person who had wealthy parents, who gave me a great upbringing, who paid for me to go to an amazing school. I have never tried to pretend to be anything I am not.

But I was keen in 2010 to sell everything – shares, all the rest of it – so I can be very transparent. I don’t own any part of any company or any investment trust or anything else like that.”

So the PM doesn’t know if he received offshore money in his inheritance, though he insists Blairmore was not set up to avoid tax:

“It wasn’t. It was set up after exchange controls went so that people who wanted to invest in dollar denominated shares and companies could do so. There are many other unit trusts like it, and I think it’s being unfairly described and my father’s name is being unfairly written about.”

There is of course nothing wrong in investing in a foreign fund, Cameron paid full UK taxes and sold the stake before be became PM. But as for the Downing Street news management, oh dear…




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