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David Cameron admits to profiting from father's offshore funds


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David Cameron admits to profiting from father's offshore funds

The British Prime Minister has admitted to having a stake in his father’s offshore fund. David Cameron said he owned a stake in the the Blairmore investment fund and sold it off for 31,500 pounds (38940 euros) in 2010 before becoming prime minister.

He added that he paid income tax on the dividends but no capital gains tax.

The admission came in an interview with Britain’s ITV broadcaster in the wake of a massive leak of documents from Panamanian law firm Mossack Fonseca. Cameron’s late father, Ian, was among tens of thousands of people named in the papers detailing how the rich are able to conceal wealth and avoid taxes.

There are already calls on Twitter for the leader to step down, the question is will he be able to ride out the storm, or suffer a similar fate as the Icelandic prime minister who stepped aside on Wednesday?

More details to follow.

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