Panama Papers: Cameron’s father moved offshore wealth fund to Ireland in 2010

Ian Cameron moved firm to Ireland as Bahaman operation came under closer scrutiny

Camerons parents 2010

David Cameron’s parents Ian and Mary Cameron in 2010

The Prime Minister’s father Ian Cameron moved his investment company, Blairmore Holdings, to Ireland in 2010, the same year his son became prime minister.

Ian Cameron formed the company in Panama in 1981, and subsequently hired a huge number of residents of the Bahamas to sign paperwork in order to keep the company exempt from paying any tax.

But in 2010, Blairmore Holdings, named after the Camerons’ Scottish home, was moved to Ireland, where it began paying Irish corporation tax.

According to the Telegraph, a source close to Blairmore said: “It was very much the prevailing wind at the time that these things were starting to come under more scrutiny around the world. Tax laws were changing so it was moved.”

Ian Cameron was one of 10 directors of the firm until his death in 2010.

The Telegraph says that he left a fortune of £2.74m in his will, which was distributed among his four children.

David Cameron clearly benefitted from the considerable legacy the offshore fund built up, but has insisted he will not get offshore benefits in the future.

Yesterday the Prime Minister said: “I have no shares no offshore trusts no offshore funds, nothing like that.”

A spokesman for Downing Street today added: “There are no offshore funds/trusts which the PM, Mrs Cameron or their children will benefit from in future.”

This morning Chancellor of the Exchequer George Osborne terminated an interview with the BBC’s Norman Smith when he was asked about whether he benefits from offshore funds.

Social Bookmarks