UK Prime Minister David Cameron has been
under mounting pressure since his father, Ian
Cameron, was identified as a client of a
Panamanian law firm that specializes in helping
the wealthy to reduce their tax burdens by
creating off shore investments and having
offshore accounts in reports sparked by Panama
Papers leaks.
The prime minister initially refused to say
whether he had a stake in Blairmore Holdings,
an offshore firm established by his father,
before acknowledging he had sold his shares in
it shortly before he was elected as Prime
minister in 2010.
Mr Cameron, who became the first Prime
Minister to publish detailed records of his own
tax payments, defended the “right of every
British citizen to make money lawfully” and said
parents who give large financial gifts to their
children should be “proudly” supported by the
Government.
While speaking to MPs in parliament, Cameron
fiercely denied any wrongdoing and said he
didn't like the way his father was being
remembered.
“This is a Government and this should be a
country that believes in aspiration and wealth
creation, so we should defend the right of every
British citizen to make money lawfully,” Mr
Cameron said.
“Aspiration and wealth creation are not
somehow dirty words, they are the key engines
of the growth and prosperity in our country and
we must always support those who want to
own shares and make investments to support
their families.”
"I accept all of the criticisms for not responding
more quickly to these issues last week,"
"But as I said, I was angry about the way my
father's memory was being traduced."
“On the issue of inheritance tax there is an
established system in this country – rather than
people being embarrassed about passing things
to their children by wanting to keep a family
home within the family, I believe it is a natural
human instinct and something that should be
encouraged.”
"As for parents passing money to their children
while they are still alive, it is something that tax
rules fully recognise.
"Many parents want to help their children when
they buy their first car, get a deposit for their
first home or face the costs of starting a family.
"It's entirely natural that parents should want to
do these things and again it's something that
we should not just defend but we should proudly
support."
Cameron said his father had set up an
investment fund overseas so it could trade in
dollar securities - "an entirely standard practice
and it is not to avoid tax". He said millions of
Britons had investments in such funds through
workplace pensions.
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