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| David Cameron had stake in father's offshore trust | David Cameron had stake in father's offshore trust |
| (35 minutes later) | |
| David Cameron has said he and his wife Samantha owned shares in an offshore trust set up by his late father, before selling them for £30,000 in 2010. | David Cameron has said he and his wife Samantha owned shares in an offshore trust set up by his late father, before selling them for £30,000 in 2010. |
| The PM has faced questions over Blairmore Holdings, an offshore company set up by his late father Ian. | The PM has faced questions over Blairmore Holdings, an offshore company set up by his late father Ian. |
| He told ITV News he did not have "anything to hide" and had paid all UK taxes due on the profits he made from the sale of the shares. | He told ITV News he did not have "anything to hide" and had paid all UK taxes due on the profits he made from the sale of the shares. |
| Labour said the PM had been forced into the "extraordinary admission". | Labour said the PM had been forced into the "extraordinary admission". |
| The BBC understands Mr Cameron will publish his tax returns, possibly next week. | The BBC understands Mr Cameron will publish his tax returns, possibly next week. |
| 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. |
| He was a director of Blairmore Holdings Inc which, until 2006, used "bearer shares" to protect its clients' privacy. | He was a director of Blairmore Holdings Inc which, until 2006, used "bearer shares" to protect its clients' privacy. |
| On Wednesday, Downing Street issued a statement saying Mr Cameron, his wife and children do not benefit from offshore funds - following a day of questions from the media about whether his family retained an interest in the fund. | On Wednesday, Downing Street issued a statement saying Mr Cameron, his wife and children do not benefit from offshore funds - following a day of questions from the media about whether his family retained an interest in the fund. |
| On Thursday Mr Cameron told ITV News: "I don't have anything to hide. I'm proud of my dad and what he did and the business he established... I can't bear to see his name being dragged through the mud." | |
| The PM said it had been a "difficult few days, reading criticisms of my father and his business practices - my dad, a man I love and admire and miss every day". | The PM said it had been a "difficult few days, reading criticisms of my father and his business practices - my dad, a man I love and admire and miss every day". |
| Mr Cameron said much criticism was based on a "fundamental misconception" that Blairmore Investment was set up to avoid tax. | Mr Cameron said much criticism was based on a "fundamental misconception" that Blairmore Investment was 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, and there are many other, thousands of other unit trusts set up in this way," he said. | "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, and there are many other, thousands of other unit trusts set up in this way," he said. |
| Cameron's five statements on Blairmore Holdings: | |
| Mr Cameron said it was "properly audited" and reported to the Inland Revenue every year. Anyone who bought units in it was subject to capital gains tax when shares were sold, he said. | Mr Cameron said it was "properly audited" and reported to the Inland Revenue every year. Anyone who bought units in it was subject to capital gains tax when shares were sold, he said. |
| He said that, as the son of a stockbroker, he had owned stocks and shares in the past but sold them in 2010 shortly before he became prime minister. | He said that, as the son of a stockbroker, he had owned stocks and shares in the past but sold them in 2010 shortly before he became prime minister. |
| "I didn't want to anyone to say you've got other agendas or vested interests," he said. | "I didn't want to anyone to say you've got other agendas or vested interests," he said. |
| "Samantha and I had a joint account and we owned 5,000 units in Blairmore investment trust which we sold in January 2010, that was worth something like £30,000. | "Samantha and I had a joint account and 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, but there was a profit on it, but that 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." | "I paid income tax on the dividends, but there was a profit on it, but that 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." |
| Downing Street said Mr and Mrs Cameron bought their holding in April 1997 for £12,497 and sold it in January 2010 for £31,500. That year the personal allowance before capital gains tax was paid was £10,100 per person. | Downing Street said Mr and Mrs Cameron bought their holding in April 1997 for £12,497 and sold it in January 2010 for £31,500. That year the personal allowance before capital gains tax was paid was £10,100 per person. |
| What are the Panama Papers? | |
| A leak of 11.5 million documents has lifted the lid on how the rich and powerful use tax havens to hide their wealth. | |
| The files were leaked from one of the world's most secretive companies, a Panamanian law firm called Mossack Fonseca. | |
| Among the files are details about: | |
| The scandal also touches football's world governing body, Fifa. | |
| Mossack Fonseca says it has operated beyond reproach for 40 years and never been accused or charged with criminal wrong-doing. | |
| BBC political correspondent Iain Watson said that while there was no suggestion of illegality, it would be "politically embarrassing" for Mr Cameron to be associated with a company which did not pay tax in the UK, at a time when he was trying to encourage overseas territories to be more transparent about tax and was trying to clamp down on tax havens. | BBC political correspondent Iain Watson said that while there was no suggestion of illegality, it would be "politically embarrassing" for Mr Cameron to be associated with a company which did not pay tax in the UK, at a time when he was trying to encourage overseas territories to be more transparent about tax and was trying to clamp down on tax havens. |
| Labour's deputy leader Tom Watson said: "After days of repeatedly avoiding the issue, this is an extraordinary admission from the prime minister. | Labour's deputy leader Tom Watson said: "After days of repeatedly avoiding the issue, this is an extraordinary admission from the prime minister. |
| "David Cameron, who described the use of complex tax avoidance schemes as "morally wrong", has been forced to admit that he held shares in a fund now linked to tax avoidance." | "David Cameron, who described the use of complex tax avoidance schemes as "morally wrong", has been forced to admit that he held shares in a fund now linked to tax avoidance." |
| He said there would be further questions about what Mr Cameron knew about the fund: "The time has come for David Cameron to put the record straight rather than having details dragged from him in instalments." | He said there would be further questions about what Mr Cameron knew about the fund: "The time has come for David Cameron to put the record straight rather than having details dragged from him in instalments." |
| He added: "People want a government that clamps down on tax avoidance and they want a prime minister who upholds the highest standards. At the moment we seem to have neither." | He added: "People want a government that clamps down on tax avoidance and they want a prime minister who upholds the highest standards. At the moment we seem to have neither." |