David Cameron has said that his wife Samantha and him had stake in an offshore company that his late father set up and they sold them in 2010 for 30,000 euro.
The Prime Minister has been responding to questions regarding Blairmore Holdings, an offshore firm that his late father Ian set up.
He informed ITV that the firm’s purpose was not to avoid taxes because he paid for all the UK taxes that resulted from the profits made on sale.
It is expected that the PM will publish his tax returns next week.
There have been days of headlines about Blairmore Holdings, a fund for investors which, until 2006, used “bearer shares” to protect its clients’ privacy, following the leak of 11 million documents held by Panama-based law firm Mossack Fonseca.
They indicate that Ian Cameron was among the 5 UK directors who flew to board meetings in Switzerland or Bahamas.
Downing Street provided a statement on Wednesday saying that there was no benefit for David Cameron and Samantha from offshore funds. That statement followed a series of media questions as to whether his family had interest in the fund.
On Thursday Mr Cameron told ITV News: “I don’t have anything to hide. I’m proud of my dad and what he did and the business he established… I can’t bear to see his name being dragged through the mud.”
The PM said it had been a “difficult few days, reading criticisms of my father and his business practices – my dad, a man I love and admire and miss every day”.
Mr. Cameron added that the critics based their argument on the misconception that Blairmore was used for evading taxes.
“It wasn’t. It was set up after exchange controls went, so that people who wanted to invest in dollar denominated shares and companies could do so, and there are many other, thousands of other unit trusts set up in this way,” he said.
Mr. Cameron added that proper auditing was done on the fund that they reported to the Inland Revenue on a yearly basis.