Will the Panama Papers affect the UK referendum result?

[rooster59]

Will the Panama Papers affect the UK referendum result?

By Catherine Hardy

There are concerns the outcry over offshore accounts will boost the anti-EU narrative in the run-up to the UK referendum in June.

Commentators say policy disputes and the ongoing threat over the future of the UK steel industry mean Prime Minister David Cameron’s pro-Brussels government has taken a knock in recent weeks.

A growing media storm

Cameron is deflecting a growing media storm over revelations he held a stake in his late father’s offshore trust.

The British prime minister has acknowledged he held a stake in his late father’s offshore trust.

David Cameron says he and his wife Samantha owned shares in the Panamanian trust, “Blairmore”.

“Samantha (his wife) and I had a joint account and we owned five thousand units in Blairmore Investment Trust, which we sold in January 2010. That was worth something like 30,000 pounds.”

“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 ways.”

However, Cameron says he sold the shares before becoming prime minister in 2010.

The UK prime minister, his wife and their children do not benefit from any offshore funds at present.

The context

Cameron’s late father, Ian, was among tens of thousands of people named in leaked documents from Panama law firm Mossack Fonseca.

They are said to reveal how the world’s rich and powerful figures are able to conceal wealth and avoid taxes.

The opposition Labour party leader Jeremy Corbyn called for an investigation into the claims made in the leaked Panama documents.

“This week, the publishing of the Panama Paoers drives home what more and more people feel, quite simply it is this; it is one rule for the rich and one rule for everybody else. And it is therefore high time that we got tough on tax havens,” Corbyn said in a speech to supporters.

-- (c) Copyright Euronews 2016-04-09

[SOUTHERNSTAR]

Another master piece by Putin. The leak looks like the CIA but there is no real info on Putin, but there are real info on Icelands ex Pm and UK PM. The other very interesting aspect is that no big US fish was named. Putin know that sercrets that becomes known destroy people but secrets kept can be used to manipulate people.

[leggo]

One would think that Cameron's credibility is at an all time low following these revelations and therefore the electorate will have little faith in his stay in policy. Of course there will be a lot of old tories who will stick by him. Personally, and it will be disadvantageous to me an an ex pat pensioner, I think a brexit is exactly what the UK should do for many reasons. I don't believe the EU will be able to contain the terroist threat, I think there is too much bureaucracy, too much wasting money on senseless projects and worst of all a huge amount of corruption.

[hutchings1963]

I think because Cameron took so long to come out about the money,he was at a already low because of the lies he told just to win the election in 2015,now this who will believe anything this man says any more.W

[korkenzieher]

In answer to the OP, no, I don't think it affects Brexit. Most people have made up their mind on that one, and personal tax revelations of *anyone* are unlikely to move the needle.

But a Brexit vote would certainly be the end of Cameron, which seems to be the OP's underlying primary concern. Panama papers, or not.

Edited April 9, 2016 by korkenzieher

[Ulic]

Well,.....it should. EU membership benefits the 1%ers far more that anyone else yet they

pay very little in tax compared to their benefit as the massive numbers of these shell

companies have shown. The Panama papers are from one law firm. The world has been

told for decades free trade benefits everyone but I really can't see the big picture benefit

of the working middle class to have their jobs shipped off to Mexico and China. Yes the

products that are then imported tax free back into the US are a little cheaper but that does

not help those who have lost their jobs. Of course company profits are up greatly and large

share holders benefit greatly.The environment suffers as the environmental regulations in

Mexico and China are either non existent or unenforced. It is time to take a closer look at

these "free" trade agreements to see how they should be structured to benefit everyone

not just the 1%ers.

[Ghostnigel]

It has cetainly opened the eyes of the undecided. I hope he is forced out, and takes Osbourne with him, because Osbourne is a bigger crook than him. Jeremy Hunt should be checked out as well. I love it watching them try to worm their way out of trouble, how they have the front to tell blatant lies to the cameras expecting everyone to believe it....tell us some more 'porkies' David, we love a good squirm....

[SheungWan]

The BREXIT crew are desperate enough to clutch at any straw to try and boost the poll ratings. The polls have particularly been a great disappointment to the Soi Buakaow BREXIT Committee who have been boring us for years and years and years foaming away that the great British people can't wait to leave the EU. They don't give a hoot about Cameron's tax arrangements, only that he has cut a deal and won't lead England out of the Continental hell-hole.

[Ricardo]

If the PM & his missus sold their shares before he became PM, and also declared any income & capital-gains for tax purposes as he says, he would appear to have done the correct and appropriate thing & at the right time.

So why should he be criticised or investigated for having done so ?

Fair enough, to punish people and companies, who dodge or avoid their liabilities, but what about fair treatment for people who don't do any such thing ?

[SheungWan]

It has cetainly opened the eyes of the undecided. I hope he is forced out, and takes Osbourne with him, because Osbourne is a bigger crook than him. Jeremy Hunt should be checked out as well. I love it watching them try to worm their way out of trouble, how they have the front to tell blatant lies to the cameras expecting everyone to believe it....tell us some more 'porkies' David, we love a good squirm....

I guess you have got a hot line to the undecided who now agree with you. No, wait! Latest odds 4/9 stay, 2/1 leave. Well fancy that!

[chiang mai]

Cameron is not unlike Thailand in the eyes of many, any chance to bash for any reason must be taken, regardless of whether the issue is valid and real or not.

[korkenzieher]

In dealing with wealth and tax, there is a fine line between what is morally expected, and what is legally allowable. Today's Telegraph has a great article by Janet Daley laying out the extent to which Cameron has made the rod for his own back in this particular case.

However, as I understand it, no law has been broken. I'm fairly sure that will be the through going message, whatever level of emarassment it brings.

(http://www.telegraph.co.uk/news/2016/04/09/by-demonising-the-super-rich-david-cameron-set-himself-up-for-a/)

Brexit is an entirely different issue. He has nailed his political colours / life to remaining in the EU. He has asked his European partners for somethig to sell to the public, and come back effectively empty-handed. At least MacMillan had a piece of paper! He had, perhaps unwisely, already committed to a vote (maybe expecting to not have to follow through with it, post General Election), but his win has now made the vote unavoidable.

Lose that vote and he is gone. Personally I am in the Leave camp, and I think he has badly misjudged the political climate in the land. Whatever the outcome of the vote, unless it is emphatic (I suspect it won't be, whichever way) it will rumble on for a decade, much like little Nicola in the northern wastes keeps knawing at restoring the Roman political settlement of Britain.

[Ghostnigel]

It has cetainly opened the eyes of the undecided. I hope he is forced out, and takes Osbourne with him, because Osbourne is a bigger crook than him. Jeremy Hunt should be checked out as well. I love it watching them try to worm their way out of trouble, how they have the front to tell blatant lies to the cameras expecting everyone to believe it....tell us some more 'porkies' David, we love a good squirm....

I guess you have got a hot line to the undecided who now agree with you. No, wait! Latest odds 4/9 stay, 2/1 leave. Well fancy that!

It does bother me, but doesn't affect me, because i will never live in the UK ever again. You are obviously voting in, but that doesn't bother me, because we will just cancel each other out.

How do you think the country will cope with the immigration crisis? are you ok with the Turkey situation? are you also ok with Madame Merkel ruling Britain? She has more power than Ca-Moron in his own country....