Britain, April 8: After the Panama Papers leak, British Prime Minister -David Cameron-admitted that he did have a profitable stake in his father's offshore investment fund. However, that was sold for 30,000 pounds before he became Prime Minister.
While more names stumbled out, Cameron's father Ian Cameron too was claimed to have a fund under the name of Blairmore Holdings.
Downing Street, meanwhile, came to the rescue of the Prime Minister whose alleged stake in the Panama Papers had drawn media ire. Although it initially said that it was a private matter if the PM gained profit from off shore investments, but later came up with explanations that the PM did not reap the benefits currently.
While the opposition criticized the revelations coming in after the Panama Papers leak, Cameron said that his father was wrongly written about as the company he had opened had nothing to do with tax evasion.
Cameron told to a new channel,"I paid income tax on the dividends, but 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 ways. So 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."
"I'm proud of my dad and what he did and the business he established and all the rest of it. I can't bear to see his name being dragged through the mud, as you can see, and for my own, I chose to take a different path from my father, grandfather and great-grandfather, who were all stockbrokers, and I've got nothing to hide in my arrangements and I'm very happy to answer questions about it."