David Cameron’s father left assets in offshore tax haven to his family
The Prime Minister’s father held assets in Jersey, which he left to his family when he died
David Cameron’s father left assets in an offshore tax haven to his family, it has been revealed.
According to an investigation by Channel 4 News , the Prime Minister’s father, Ian Cameron, personally held wealth offshore in Jersey.
David Cameron has previously described schemes that hold money and assets offshore to avoid tax in the UK as “morally wrong.”
A legal document called a “grant of probate” was filed in the tax haven, attached to the millionaire stockbroker’s will following his death in 2010.
According to lawyers who spoke to Channel 4, there’s no need to file such a document unless the estate is worth less than £10,000.
David Cameron inherited £300,000 tax free from his father’s estate after he died – missing the threshold for inheritance tax by just £25,000.
His father’s estate in the UK was worth just under £2.7m at the time of his death, but that figure would not include any assets held offshore.
Yesterday, Tory grandee Sir Alan Duncan launched an attack on Labour’s Margaret Hodge for allegedly benefiting form offshore tax havens.
He told the Times: If it turns out that Ms Hodge has been attacking people for benefiting legally from offshore tax havens while herself doing so it would destroy whatever slender claim she had on remaining chair of the [House of Commons Public Accounts Committee]”
In a statement to the broadcaster, a spokesperson for David Cameron said:
“David Cameron did not discuss the writing of his father’s Will with him, or know the contents of it, before he died.
“He was not an executor of the Will. He was a beneficiary of a cash legacy.
“He does not have any offshore assets, accounts or private shareholdings of any description.
“In government, Conservatives have done more than any other party to crack down on tax avoidance and evasion, delivering £7bn of annual savings over this parliament with the tax gap now lower than any year under Labour. We will continue to ensure that everyone pays their fair share.”
