David Cameron Finally Agrees Benefiting from Panama Hidden wealth of His father......

PM Admits Owning Shares In Dad's Offshore Fund

David Cameron has admitted for the first time he held over £30,000 of shares in a controversial offshore fund set up by his late father.

The Prime Minister has faced questions this week over his family's tax affairs after details of Ian Cameron's investment fund were reported as part of the Panama Papers leak.

Mr Cameron's admission that he owned, sold and made a profit on shares in Blairmore Holdings before he became PM has prompted a Labour MP to call for him to resign. Number 10 has said he will publish his own tax returns "in the coming weeks".

Downing Street initially said his family's tax affairs were a private matter before saying the PM had no offshore funds and trusts, and then making clear the family would not benefit in future.

In response to a question from Sky's Faisal Islam at an event on Wednesday, the PM said : "I have no shares, no offshore trusts, no offshore funds, nothing like that."

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Now in his fifth statement on the matter, Mr Cameron said he and his wife sold shares worth more than £30,000 in Blairmore Holdings six years ago.

The couple bought their holding in April 1997 for £12,497 and sold it in January 2010 for £31,500, according to Downing Street.

The PM said the pair's profit was "subject to all the UK taxes in the normal ways" and it was just below the threshold at which capital gains tax would have applied.

The annual personal allowance for an individual in 2009-10 was £10,100 - meaning jointly the profit was just outside the threshold.

He also said his father left him £300,000, adding: "I obviously can't point to every source of every bit of the money."

According to The Guardian, papers leaked from Panama-based law firm Mossack Fonseca are said to suggest Ian Cameron ran a fund that avoided having to pay tax in Britain by hiring Bahamas residents to sign its paperwork.