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.
Source: UK Express
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