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News > World

Cameron Publishes Tax Records In Effort to Save Political Skin

  • Britain's Prime Minister, David Cameron, addresses the Conservative Spring Forum in central London, Britain April 9, 2016.

    Britain's Prime Minister, David Cameron, addresses the Conservative Spring Forum in central London, Britain April 9, 2016. | Photo: Reuters

Published 9 April 2016
Opinion

Cameron's political opponents have called for the British Prime Minister to resign over his ties to the Panama Papers.

British Prime Minister David Cameron published Sunday his tax records in an attempt to contain the political fallout over his personal finances, which has come under scrutiny after the mention of his late father in the Panama Papers leak.

The revelations have led to demands for Cameron's resignation and handed ammunition to opposition lawmakers who questioned why he was reluctant to detail his financial connections with his father.

Thousands of protesters marched on Downing Street Saturday calling for British Prime Minister David Cameron to resign.

Cameron took several days to finally admit that had a stake in his father's offshore fund, revealed as a result of the Panama Papers scandal, and that he had profited from it.

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While Cameron is not accused of doing anything illegal, he made four different statements over four days about his late father's inclusion in the documents.

Scores of politicians and business figures have been implicated in the Panama Papers, including the prime minister of Iceland who has since stepped down. The 11.5 million documents leaked from the Panamanian law firm Mossack Fonseca detail the creation of more than 200,000 companies in offshore tax havens.

Cameron also announced on Sunday a new taskforce, jointly led by Britain's tax authority and National Crime Agency, to further efforts to tackle money laundering and tax evasion. 

The British Prime Minister has often highlighted the problem of tax avoidance in his political career, making his connection to the Panama Papers all the more controversial. 

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Cameron said the unit investment trust was not set up to avoid tax but to invest in dollar-denominated shares and that he had paid all taxes due on his own investment, which was worth "something like 30,000 pounds" when he sold out in January 2010, before he became prime minister.

The documents from RNS Chartered Accountants - which cover six years - show Cameron paid tax of 75,898 pounds ($107,198) on income of 200,307 pounds in the 2014-2015 financial year, the most recent one included.

His income comprised his 140,522 pound salary, taxable expenses of 9,834 pounds, 46,899 pounds from half of the share of rent from his family home in London and 3,052 pounds in interest on savings, according to the record.

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