Panama Papers | Cameron owned, then sold shares in late father's offshore trust

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

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.

The British 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.

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 show that Ian Cameron, who died in 2010, was one of five UK directors who flew to board meetings in the Bahamas or Switzerland.On Wednesday, Downing Street issued a statement saying Cameron, his wife and children did not benefit from offshore funds - following a day of questions from the media about whether his family retained an interest in the fund.

On Thursday 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."

Cameron 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".

Cameron said much criticism was based on a "fundamental misconception" that Blairmore Investment was set up to avoid tax.

"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.

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