: BBC: David Cameron had stake in father's offshore trust

10:03 Apr. 8, 2016

BBC: David Cameron had stake in father's offshore trust

David Cameron delivers a statement in Downing Street in London, Feb. 20, 2016 (AP Photo)

Britain's PM admits he had shares in offshore trust

David Cameron has said he and his wife Samantha owned shares in an offshore trust set up by his late father, before selling them for £30,000 in 2010.

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The PM has faced questions over Blairmore Holdings, an offshore company set up by his late father, Ian

He told ITV News he had paid all UK taxes due on the profits he made from the sale of the shares and said the firm had not been set up to avoid tax.

Labour said the PM had been forced into the "extraordinary admission".

Watch also Cameron sees 'basis for breakthrough' with Turkey at EU summit

The BBC understands Mr Cameron will publish his tax returns, possibly 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.

Read also First Casualty of Panama Papers: Iceland Prime Minister resigns

They show that Ian Cameron, who died in 2010, was one of five UK directors who flew to board meetings in the Bahamas or Switzerland.

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