British Prime Minister David Cameron published his income tax returns for the past seven years Sunday in hopes of defusing criticism over his investment in an offshore trust run by his late father. The move was among the latest in the widening fallout from the massive Panama Papers data leak on secretive offshore accounts.
Cameron became the first British leader to document his financial affairs hours after he told a meeting of Conservative Party activists that he was wrong to have been so slow to acknowledge his investment in Blairmore Holdings. His father Ian, a millionaire stockbroker, organized the Bahamian investment fund with help from the Panama law firm Mossack Fonseca.
The three-page summary of the prime minister’s earnings and tax payments since 2009 showed that Cameron made 9,501 pounds in profits from his 2010 sale of his stake in Blairmore shortly before he became prime minister. His wife recorded an equal share of profit, allowing both narrowly to avoid paying capital tax on the shared gain. His 2014-15 income included prime minister’s salary and expenses of 150,356 pounds, 46,899 pounds from annual rental of the Cameron family home, and 3,052 pounds in interest earned from savings on deposit in a London bank.
Cameron also announced plans Sunday to create a so-called “task force” to scrutinize the involvement of U.K. consortiums and individuals in funds and companies registered by Mossack Fonseca. In a statement, he said investigators led by taxation authorities and the National Crime Agency would “deal with any wrongdoing relating to the Panama Papers.”
Labour Party lawmakers already have demanded that Cameron publish details of all his investment holdings since he became Conservative leader in 2005. Labour leader Jeremy Corbyn and other leading opposition figures said they would press Cameron on the issue when Parliament reconvenes Monday. Corbyn said he would publish his own tax returns “very soon and there’ll be no surprises there.”