British PM Cameron admits he held stake in father's offshore trust

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Things have got rather awkward for David Cameron

British Prime Minister David Cameron acknowledged in a TV interview on Thursday that he once had a stake in his late father's offshore trust, which was revealed in the "Panama Papers" leak from a law firm.

Cameron told ITV News that he had owned shares in the Panamanian trust, Blairmore, but had sold them in 2010, before becoming prime minister.

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"We owned 5,000 units in Blairmore Investment Trust, which we sold in January 2010. That was worth something like £30,000", he told the television channel.

"I paid income tax on the dividends. There was a profit on it but it was less than the capital gains tax allowance so I didn't pay capital gains tax," Cameron said.

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British PM Cameron admits he held stake in father's offshore trust
Britain's Prime Minister David Cameron returns to 10 Downing Street in London after attending a VE Day service at the Cenotaph, Friday, May 8, 2015. Cameron's Conservative Party swept to power Friday in Britain's Parliamentary elections winning an unexpected majority. (AP Photo/Kirsty Wigglesworth)
Britain's Prime Minister David Cameron and his wife Samantha smile from the steps of 10 Downing Street in London Friday, May 8, 2015, after meeting with Britain's Queen Elizabeth II in a traditional formality, where he informed her that he has enough support to form a government. Cameron's Conservative Party swept to power Friday in Britain's Parliamentary General Elections, winning an unexpected majority. (AP Photo/Kirsty Wigglesworth)
LONDON, UNITED KINGDOM - MAY 08: (L-R) Labour leader Ed Miliband, Liberal Democrat leader Nick Clegg and Prime Minister David Cameron attend a tribute at the Cenotaph to begin three days of national commemorations to mark the 70th anniversary of VE Day May 8, 2015 in London, United Kingdom. Both Miliband and Clegg said they will resign their posts as party leaders after they were soundly beaten by Cameron and his Conservative Party in yesterday's general election. (Photo by Chip Somodevilla/Getty Images)
Britain's Prime Minister and Leader of the Conservative Party David Cameron and his wife Samantha are applauded by staff upon entering 10 Downing Street in London on May 8, 2015, after visiting Queen Elizabeth II, a day after the British general election. British Prime Minister David Cameron's Conservative party on Friday won a majority in the House of Commons in the general election, results showed. AFP PHOTO / POOL / STEFAN ROUSSEAU (Photo credit should read STEFAN ROUSSEAU/AFP/Getty Images)
British Prime Minister David Cameron speaks during a United Nations Security Council meeting, Wednesday, Sept. 24, 2014, at at U.N. headquarters. Members of the Security Council were expected to adopt a resolution that would require all countries to prevent the recruitment and transport of would-be foreign fighters preparing to join terrorist groups such as the Islamic State group. (AP Photo/Julie Jacobson)
United Kingdom's Prime Minister David Cameron addresses the 69th session of the United Nations General Assembly, Wednesday, Sept. 24, 2014, at U.N. headquarters. (AP Photo/John Minchillo)
British Prime Minister David Cameron attends a meeting of the United Nations Security Council regarding the threat of foreign terrorist fighters during the 69th session of the U.N. General Assembly at U.N. headquarters, Wednesday, Sept. 24, 2014. (AP Photo/Jason DeCrow)
British Prime Minister David Cameron addresses the 69th session of the United Nations General Assembly Wednesday, Sept. 24, 2014, at the United Nations headquarters. (AP Photo/Frank Franklin II)
British Prime Minister David Cameron meets with Iranian President Hassan Rouhani at the UN during the 69th Session of the UN General Assembly, Wednesday, Sept. 24, 2014. (AP Photo/Timothy A. Clary, Pool)
President Barack Obama speaks at the UN Security Council summit on foreign terrorist, Wednesday, Sept. 24, 2014, at UN headquarters. Front row, from left are, British Prime Minister David Cameron, UN Secretary General Ban Ki-moon and the president. Behind are Secretary of State John Kerry and US Ambassador to the UN Samantha Power. (AP Photo/Pablo Martinez Monsivais)
British Prime Minister David Cameron greets President Paul Kagame of Rwanda before a meeting of the United Nations Security Council regarding the threat of foreign terrorist fighters during the 69th session of the U.N. General Assembly at U.N. headquarters, Wednesday, Sept. 24, 2014. (AP Photo/Jason DeCrow)
British Prime Minister David Cameron speaks during a high-level meeting at the Ford Foundation on post-2015 anti-poverty goals, Wednesday, Sept. 24, 2014, in New York. (AP Photo/John Minchillo, Pool)
British Prime Minister David Cameron speaks during the United Nation Climate Summit at U.N. headquarters, Tuesday, Sept. 23, 2014. (AP Photo/Seth Wenig)
British Prime Minister David Cameron leaves after giving a statement to the media about Scotland's referendum results, outside his official residence at 10 Downing Street in central London, Friday, Sept. 19, 2014. Scottish voters have rejected independence, deciding to remain part of the United Kingdom after a historic referendum that shook the country to its core. The decision prevented a rupture of a 307-year union with England, bringing a huge sigh of relief to the British political establishment. (AP Photo/Lefteris Pitarakis)
NEW YORK, NY - SEPTEMBER 24: British Prime Minister David Cameron (L) meets with Iranian President Hassan Rouhani at the Unityed Nations during the 69th Session of the UN General Assembly September 24, 2014 in New York City. World leaders, activists and protesters have converged on New York City for the annual UN event that brings together the nations for a week of meetings and conferences. This year's General Assembly has highlighted the problem of global warming and how countries need to strive to reduce greenhouse gas emissions. (Photo by Timothy A. Clary-Pool/Getty Images)
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Cameron was expected to publish his tax returns as soon as possible, Sky News said in a tweet.

Cameron's late father, Ian, was among tens of thousands of people named in leaked documents from Panama law firm Mossack Fonseca which showed how the world's rich and powerful stash their wealth..

The firm specializes in establishing offshore companies, which could be used to avoid taxes, but there are several legitimate reasons for individuals and corporations to set them up.

In a statement on Tuesday, a spokesman for Cameron said that the prime minister, his wife and their children did not benefit from any offshore funds at present.

On Wednesday, a spokesman for Cameron said: "There are no offshore funds or trusts which the prime minister, Mrs Cameron or their children will benefit from in future."

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