Panama Paper : David Cameron admits stake in offshore company

David Cameron has admitted that he had a stake in his father's offshore company which he sold for £30,000 shortly before he became Prime Minister.
Mr Cameron sought to end days of questioning about his families tax affairs by insisting that he paid income tax on the dividends in the "normal way".
"I am proud of my dad and what he did, the business he established and all the rest of it. I can't bear to see his name being dragged through the mud"
David Cameron
He insisted that he does not have "anything to hide" and said he is proud of his father's achievements, adding that he "can't bear to see his name being dragged through the mud".
It comes after the Prime Minster has faced four days of intense scrutiny over his family's financial arrangements.
The Prime Minister has previously insisted that he does not receive any current benefit from an investment in an offshore trust and will not do so in future.
However the he has now revealed that both he and his wife benefited from the trust in the past.
He told ITV News: "Because of course I did own stocks and shares in the past - quite naturally because my father was a stockbroker. I sold them all in 2010, because if I was going to become Prime Minister I didn't want anyone to say you have other agendas, vested interests. Samantha and I had a joint account.
"We owned 5000 units in Blairmore Investment Trust, which we sold in January 2010. That was worth something like £30,000.
"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.
"But it was subject to all the UK taxes in all the normal way. So I want to be as clear as I can about the past, present and future.
"Because frankly I don't have anything to hide. I am proud of my dad and what he did, the business he established and all the rest of it. I can't bear to see his name being dragged through the mud. For my own, I chose to take a different path from my father, grandfather and great grandfather, who were all stockbrokers, and I have nothing to hide in my arrangements. "
He also said that he had received a £300,000 inheritance from his father when he died, adding that he could not be sure if it came from offshore source.
He said he is committed to publishing his tax return: "I think the idea of publishing the information that goes in your tax return, I am very relaxed about that. It didn't happen before the last election. It did not come about.
"I don't think this should be for every MP. It is a very big change in our system. It should be for the prime minister, and the potential prime minister. I am very happy for that to happen."