Cameron's father 'used tax havens to build family fortune'
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.David Cameron's late father ran a network of offshore investment funds to help build up the family's fortune, it was claimed last night. Ian Cameron, a stockbroker, set up funds in tax havens such as Panama City and Geneva, and boasted of their ability to remain outside UK tax jurisdiction. There is no suggestion he acted illegally.
When he died in 2010 aged 77, Ian Cameron left £2.74m in his will; the Prime Minister received £300,000. The methods used by Ian Cameron from 1979, when controls on taking capital out of Britain were scrapped, are now common among hedge funds. UK residents have to pay tax on profits they repatriate, and there is nothing to suggest the Cameron family did not. But the timing of the revelation by The Guardian newspaper may embarrass the Prime Minister. Labour claims that last month's Budget, which cut the top rate of tax from 50 to 45 per cent, showed the Tories are the "party of the rich" whose leaders are "out of touch".
Downing Street said it did not want to comment a private family matter. A spokesman added: "The Government's tax reforms are about making sure that some of the richest people in the country pay a decent share of income tax."
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments