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

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
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)
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."

RELATED GALLERY: See some of the world's biggest tax havens:

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

Cayman Islands

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Singapore

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United States

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Switzerland

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Hong Kong

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Luxembourg

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Lebanon

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Germany

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Jersey

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Japan

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