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| Panama Papers: Cameron 'does not gain from offshore funds' | |
| (about 2 hours later) | |
| Downing Street has said David Cameron, his wife and children do not benefit from offshore funds after questions about his family's tax affairs. | Downing Street has said David Cameron, his wife and children do not benefit from offshore funds after questions about his family's tax affairs. |
| No 10 was forced to issue a statement after Labour called for an inquiry into Britons linked to tax haven allegations - including Mr Cameron's family. | No 10 was forced to issue a statement after Labour called for an inquiry into Britons linked to tax haven allegations - including Mr Cameron's family. |
| Labour leader Jeremy Corbyn had called on the PM to "set the record straight" and publish his tax returns. | Labour leader Jeremy Corbyn had called on the PM to "set the record straight" and publish his tax returns. |
| The row centres on an investment fund set up by Mr Cameron's late father Ian. | The row centres on an investment fund set up by Mr Cameron's late father Ian. |
| Leaked documents revealed Ian Cameron was a client of Panamanian law firm Mossack Fonseca and used one of the most secretive - albeit lawful - tools of the offshore trade after he helped set up a fund for investors. | Leaked documents revealed Ian Cameron was a client of Panamanian law firm Mossack Fonseca and used one of the most secretive - albeit lawful - tools of the offshore trade after he helped set up a fund for investors. |
| 'Private matter' | 'Private matter' |
| Downing Street has faced a day of questions from the media about whether Mr Cameron's family retains an interest in the fund, which was registered in the Bahamas to shield it from UK tax. | Downing Street has faced a day of questions from the media about whether Mr Cameron's family retains an interest in the fund, which was registered in the Bahamas to shield it from UK tax. |
| BBC assistant political editor Norman Smith said Downing Street had been trying all day to draw a line under the row and to "shield" Mr Cameron, issuing a series of statements setting out the government's actions on tax avoidance. | BBC assistant political editor Norman Smith said Downing Street had been trying all day to draw a line under the row and to "shield" Mr Cameron, issuing a series of statements setting out the government's actions on tax avoidance. |
| "You can almost sense the exasperation in Number 10" that Mr Corbyn had "managed to throw them on the defensive", he added. | "You can almost sense the exasperation in Number 10" that Mr Corbyn had "managed to throw them on the defensive", he added. |
| The Labour leader said: "I think the prime minister, in his own interest, should tell us exactly what's been going on. | The Labour leader said: "I think the prime minister, in his own interest, should tell us exactly what's been going on. |
| "It's a private matter in so far as it's a privately held interest, but it's not a private matter if tax has not been paid. | "It's a private matter in so far as it's a privately held interest, but it's not a private matter if tax has not been paid. |
| "So an investigation must take place, an independent investigation." | "So an investigation must take place, an independent investigation." |
| The Labour leader said he would publish his tax returns and called on the prime minister to do the same. | The Labour leader said he would publish his tax returns and called on the prime minister to do the same. |
| Asked whether the PM should resign if he is found to have benefited, Mr Corbyn said: "Let's take one thing at a time. We need openness, we need an examination, we need a decision after that." | Asked whether the PM should resign if he is found to have benefited, Mr Corbyn said: "Let's take one thing at a time. We need openness, we need an examination, we need a decision after that." |
| He said an inquiry was needed by HM Revenue and Customs to quickly get to the bottom of how much private wealth was being "siphoned off" overseas, claiming the British taxpayer is being short-changed by the super-wealthy being allowed to "dodge taxes and flout the rules". | He said an inquiry was needed by HM Revenue and Customs to quickly get to the bottom of how much private wealth was being "siphoned off" overseas, claiming the British taxpayer is being short-changed by the super-wealthy being allowed to "dodge taxes and flout the rules". |
| 'I own no shares' | 'I own no shares' |
| Asked about Mr Corbyn's comments after making a speech in Birmingham, Mr Cameron said he agreed that HM Revenue and Customs must investigate alleged abuses uncovered in the leaked Panama papers. | Asked about Mr Corbyn's comments after making a speech in Birmingham, Mr Cameron said he agreed that HM Revenue and Customs must investigate alleged abuses uncovered in the leaked Panama papers. |
| He added: "In terms of my own financial affairs, I own no shares. | He added: "In terms of my own financial affairs, I own no shares. |
| "I have a salary as prime minister, and I have some savings which I get some interest from and I have a house which we used to live in which we now let out while we're living in Downing Street, and that's all I have." | "I have a salary as prime minister, and I have some savings which I get some interest from and I have a house which we used to live in which we now let out while we're living in Downing Street, and that's all I have." |
| He said no prime minister had "done more to make sure we crack down on tax evasion, on aggressive tax avoidance, on aggressive tax planning both here in the UK and internationally". | He said no prime minister had "done more to make sure we crack down on tax evasion, on aggressive tax avoidance, on aggressive tax planning both here in the UK and internationally". |
| He said the government had reclaimed billions of pounds and led the world in having an open register of beneficial owners of companies, which is due to come into force in June. | He said the government had reclaimed billions of pounds and led the world in having an open register of beneficial owners of companies, which is due to come into force in June. |
| Downing Street then issued a statement, adding: "To be clear, the prime minister, his wife and their children do not benefit from any offshore funds. | Downing Street then issued a statement, adding: "To be clear, the prime minister, his wife and their children do not benefit from any offshore funds. |
| "The prime minister owns no shares. | "The prime minister owns no shares. |
| "As has been previously reported, Mrs Cameron owns a small number of shares connected to her father's land, which she declares on her tax return." | "As has been previously reported, Mrs Cameron owns a small number of shares connected to her father's land, which she declares on her tax return." |
| The leaked documents show that Ian Cameron, who died in 2010, was one of five UK directors of Blairmore Holdings who flew to board meetings in the Bahamas or Switzerland. There were also three directors in Switzerland and three in the Bahamas. | The leaked documents show that Ian Cameron, who died in 2010, was one of five UK directors of Blairmore Holdings who flew to board meetings in the Bahamas or Switzerland. There were also three directors in Switzerland and three in the Bahamas. |
| 'Ahead of the pack' | 'Ahead of the pack' |
| If the meetings had been held in London, then it may have been considered resident in the UK and taxed as a UK company. | If the meetings had been held in London, then it may have been considered resident in the UK and taxed as a UK company. |
| The leaked documents also reveal how the company used bearer shares, ensuring the true owners - the wealthy investors in Blairmore Holdings - were kept hidden from view. | The leaked documents also reveal how the company used bearer shares, ensuring the true owners - the wealthy investors in Blairmore Holdings - were kept hidden from view. |
| Blairmore stopped using bearer shares in 2006. It was David Cameron's government that banned bearer shares in the UK in 2015. | Blairmore stopped using bearer shares in 2006. It was David Cameron's government that banned bearer shares in the UK in 2015. |
| Labour has called on the government to consider imposing "direct rule" on the British Virgin Islands - where Mossack Fonseca registered thousands of companies - and other British Overseas Territories if they do not comply with UK tax law. | Labour has called on the government to consider imposing "direct rule" on the British Virgin Islands - where Mossack Fonseca registered thousands of companies - and other British Overseas Territories if they do not comply with UK tax law. |
| Downing Street said it was close to reaching agreement with Crown Dependencies, such as Jersey and the Isle of Man, on ensuring details of who owns companies registered there are accessible to British police and other law enforcement agencies. | Downing Street said it was close to reaching agreement with Crown Dependencies, such as Jersey and the Isle of Man, on ensuring details of who owns companies registered there are accessible to British police and other law enforcement agencies. |
| But it said British Virgin Islands and Cayman Islands had yet to get "over the line" in terms of "full and effective transparency" with regards to beneficial ownership information. | But it said British Virgin Islands and Cayman Islands had yet to get "over the line" in terms of "full and effective transparency" with regards to beneficial ownership information. |
| The British Virgin Islands government said it was "very concerned" at the reports, saying it had a "rigorous" regime that complied with international standards. | The British Virgin Islands government said it was "very concerned" at the reports, saying it had a "rigorous" regime that complied with international standards. |
| It promised a thorough investigation and to take further action where necessary. | It promised a thorough investigation and to take further action where necessary. |
| Eleven million leaked documents showed how Mossack Fonseca clients were able to launder money, dodge sanctions and avoid tax - the law firm says it has operated beyond reproach for 40 years. | Eleven million leaked documents showed how Mossack Fonseca clients were able to launder money, dodge sanctions and avoid tax - the law firm says it has operated beyond reproach for 40 years. |
| There are links to 12 current or former heads of state in the data, including dictators accused of looting their own countries. | There are links to 12 current or former heads of state in the data, including dictators accused of looting their own countries. |
| The Guardian has reported that a number of Conservative donors, supporters and former MPs are linked to tax havens around the world. A number of them have firmly denied any impropriety. | The Guardian has reported that a number of Conservative donors, supporters and former MPs are linked to tax havens around the world. A number of them have firmly denied any impropriety. |
| Reaction around the world to the Panama papers includes: | Reaction around the world to the Panama papers includes: |