David Cameron of Britain on Tax Avoidance

Since becoming the prime minister of Britain, David Cameronhas condemned wealthy individuals who set up complicated offshore accounts to avoid paying British taxes, saying these tax evaders would have “nowhere to hide.”

Now, revelations from the Panama Papers show that Mr. Cameron profited from an offshore investment fund, Blairmore Holdings, which was run by his father and never paid taxes in Britain.

While there is no suggestion that the arrangement was illegal, Mr. Cameron has been forced to clarify his financial affairs.

In an interview with ITV News on Thursday, Mr. Cameron said that the fund, Blairmore, run by his late father “was subject to full U.K. taxation.”

“There are many other unit trusts like it,” he said, adding that “it is being unfairly described and my father’s name unfairly written about.”

He went on to say: “I’ve never hidden the fact that I’m a very lucky person. I had wealthy parents who gave me a great upbringing, who paid for me to go to an amazing school. I’ve never tried to be anything that I’m not.”

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Mr. Cameron initially said he had not benefited from any “offshore funds,” and after the first reports on the Panama Papers, his office described the questions of his investments as a “private matter.”

Only later did he confirm that he and his wife, Samantha, had profited when they sold shares in an offshore trust for 30,000 pounds ($42,160) in 2010, the year he became prime minister.

-More at nytimes

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