Three days ago, news broke that British prime minister David Cameron’s father’s name had been found in the massive Panama Papers leak of files from a Panamanian law firm that specializes in helping wealthy individuals move their money around to avoid paying taxes. Thursday, Cameron announced—or admitted—that he personally benefited from a tax-haven trust, incorporated in Panama and operated via the Bahamas, that his father set up. From the Guardian:
After three days of stalling and four partial statements issued by Downing Street he confessed that he owned shares in the tax haven fund, which he sold for £31,500 just before becoming prime minister in 2010.
In a specially arranged interview with ITV News’ Robert Peston he confirmed a direct link to his father’s UK-tax avoiding fund, details of which were exposed in the Panama Papers revelations in the Guardian this week.
There hasn’t been any suggestion that what Cameron did was illegal, but, needless to say, it’s not a “good look” for a head of state to have been discovered dodging his own country’s tax collectors:
In his first interview on the topic after days of stonewalling, Cameron was questioned on whether there was a conflict of interest between his father setting up the Panama-based Blairmore Investment Trust, which did not have to pay UK tax on its profits, and his professed policy to crack down on aggressive tax avoidance.
“Rules have changed, culture has changed,” he said.
At least one opposition MP has already called on Cameron to resign.
The name of the trust involved in the scandal is “Blairmore Holdings,” which the Guardian says is “named after the [Cameron] family’s ancestral home in Aberdeenshire.” Aberdeenshire! Britain!
