UK PM Cameron says he bungled admission of offshore fund

[rooster59]

UK PM Cameron says he bungled admission of offshore fund

SHAWN POGATCHNIK, Associated Press


DUBLIN (AP) — British Prime Minister David Cameron conceded Saturday that he had bungled his acknowledgement of his investment in an offshore fund, a controversy that drove thousands out onto London's streets to denounce him and the Panama law firm involved.

Cameron drew laughs and applause from a sympathetic audience of Conservative Party activists as he opened a speech in London with a mea culpa.

"Well, it's not been a great week," he deadpanned. "I could have handled this better. I know there are lessons to learn, and I will learn them. And don't blame No. 10 Downing Street or nameless advisers. Blame me."

It was Cameron's first public appearance since his admission Thursday night that he had owned shares in a Bahamas-based trust from 1997 to 2010, ending four days of obfuscating statements issued through aides.

The prime minister is one of scores of political leaders, celebrities and sports stars who have been linked to shell companies and investment trusts following last weekend's massive data breach at the Panama City-based law firm Mossack Fonseca, which specializes in registering offshore companies.

Cameron has made the closure of global tax loopholes a focal point of his government, but rejected charges of hypocrisy on the issue.

"This government that I lead will go on very clearly, very doggedly, very determinedly making sure that we crack down on tax evasion and aggressive tax avoidance," he said.

Outside the Conservatives' lavish event, dozens of police formed a human barrier as thousands of left-wing protesters demanded Cameron's ouster. Many protesters waved placards portraying Cameron as an out-of-touch elitist, while others held signs mocking the Panama firm with the slogan "Mossack Fonseca: Because taxes are for poor people."

Cameron faces mounting pressure from opposition lawmakers to reveal the full extent of his past investment in offshore trusts, particularly those run by his late father, Ian, a millionaire stockbroker who placed much off his savings in island tax havens.

Labour Party leader Jeremy Corbyn and others say they will press Cameron on the issue when Parliament reconvenes Monday.

The leak of 11.5 million documents from four decades of Mossack Fonseca files identified Ian Cameron as a client.

David Cameron said in a Thursday television interview that he owned shares in his father's Bahama trust, but sold that stake for a 19,000 pound ($30,500) profit along with all his other unspecified shareholdings shortly before becoming prime minister in 2010. His father died four months after he gained office.

In Saturday's speech, Cameron reiterated plans to make public his recent tax returns to show that he paid all legally due taxes on that Bahamas investment. He has declined to answer questions on whether he made other offshore investments.

Labour lawmakers already have demanded that Cameron publish details of all his investment holdings since he became Conservative leader in 2005.

Corbyn said he would publish his own tax returns "very soon and there'll be no surprises there."

-- (c) Associated Press 2016-04-10

[SgtRock]

That must qualify as the only truthful statement he has made all week on the subject.

[ThaiKneeTim]

Completely overlooking his bungled handling of the economy, NHS, schools, the whole DWP and Iain Ducan Smith fiasco, putting Chris Grayling in DoJ, Everything Theresa May touches. Ineptitude at every turn.

[Srikcir]

He has declined to answer questions on whether he made other offshore investments

Cameron said he would publish details of his tax return “later on” as he attempted to mitigate calls for further transparency about his financial dealings.

Guess he will need to be caught again before he makes any further admissions.

Then he can admit to further bungleness.

[Bobotie]

Completely overlooking his bungled handling of the economy, NHS, schools, the whole DWP and Iain Ducan Smith fiasco, putting Chris Grayling in DoJ, Everything Theresa May touches. Ineptitude at every turn.

and the pigs...don't forget the pig

[ronwparker]

I am an expat living in Chiangmai .Some of the comments seem to be from bigots(I have never voted Tory) but some of the ignorant comments astound me(just like the farang who hang out in bars and frequent bar girls and 'massage' shops all over Thailand.)

[Bobotie]

I am an expat living in Chiangmai .Some of the comments seem to be from bigots(I have never voted Tory) but some of the ignorant comments astound me(just like the farang who hang out in bars and frequent bar girls and 'massage' shops all over Thailand.)

so how do you know "these farangs" who hang out in bars, frequent bar girls or "massage shops" unless you have been there and are speaking from first hand experience ?

and your off topic anyway

"I am an expat living in Chiangma"

Translation...I am a self righteous, retired Mr Grumpy...who thinks he is better than everyone else

Edited April 10, 2016 by Bobotie

[Bobotie]

I am an expat living in Chiangmai .Some of the comments seem to be from bigots(I have never voted Tory) but some of the ignorant comments astound me(just like the farang who hang out in bars and frequent bar girls and 'massage' shops all over Thailand.)

What do you mean...?

See post above for translation

[Khon Kaen Dave]

What the the ferk has ferangs who visit bars and bar girls and massage parlours got to do with it?it seems that these expats are brought into every topic by Pius,holier than thou,sanctimonious,idiots who try and blame them for everything.i think that the Salvation army brigade should stick to giving religious lessons to their family and friends and leave other people alone.Some people actually enjoy living their lives the way they see fit.Its a pity you dont and want to alter their lives to suit you.

Get off your soap box and shut the Ferk up.We are not interested.!!!!

[JohnDodd]

I am an expat living in Chiangmai .Some of the comments seem to be from bigots(I have never voted Tory) but some of the ignorant comments astound me(just like the farang who hang out in bars and frequent bar girls and 'massage' shops all over Thailand.)

So you are an ex-pat living in Chiangmai, bully for you oldchap, you are implying that the other posters, are bigoted and ignorant you should apologise, as I happen to agree, that Cameron is a well spoken, well suited and well connected liar and hypocrite........" this government that I lead....will crack down on tax evasion,and aggressive tax avoidance".......When!, never!....thats why they employ psychos like him and IDS.....they're evil....no empathy(look upPonerology on Y/T).thats if you have time while enjoying the delights of C.M. and the golf club.

[ThaiKneeTim]

I am an expat living in Chiangmai .Some of the comments seem to be from bigots(I have never voted Tory) but some of the ignorant comments astound me(just like the farang who hang out in bars and frequent bar girls and 'massage' shops all over Thailand.)

A basic knowledge of the Neoliberal ideology of the Tory Party, and 'New' Labour under Blair, will give sufficient understanding of why the current UK government is grinding g public services into the ground. The ultimate aim is "small government" hence the unprecedented sell off of taxpayer owned assets.

I was unaware of the Neoliberalism philosophy when I was a Tory voter back in the 80's, I only woke up to it when Thatchers Apprentice was continuing her work at a far greater pace than she managed. Selling off MOD assets for a song, selling closed hospitals, burdening the NHS with PFI debts that are now crippling the service. The Blair legacy will be felt for many years, but Cameron and Co. are accelerating the self offs and transfer of taxpayer assets to privateers.

I fully support the free market, but bailing out banks and subsidising corporations with free Labour schemes isn't free market.

[Ulic]

Just another political hypocrite.

[Scouse Twoccer]

I am an expat living in Chiangmai .Some of the comments seem to be from bigots(I have never voted Tory) but some of the ignorant comments astound me(just like the farang who hang out in bars and frequent bar girls and 'massage' shops all over Thailand.)

so how do you know "these farangs" who hang out in bars, frequent bar girls or "massage shops" unless you have been there and are speaking from first hand experience ?

and your off topic anyway

"I am an expat living in Chiangma"

Translation...I am a self righteous, retired Mr Grumpy...who thinks he is better than everyone else

He's not necessarily condemning bar customers per se, neither is he saying he isn't one of them, what he is condemning are the ignorant comments that many people in bars and on Thaivisa make. And he's spot on. Your last comment, the "translation", being a perfect example of what he meant!

[pedro01]

I am an expat living in Chiangmai .Some of the comments seem to be from bigots(I have never voted Tory) but some of the ignorant comments astound me(just like the farang who hang out in bars and frequent bar girls and 'massage' shops all over Thailand.)

Don't fall off that high horse, you'll surely break your neck.

[Baerboxer]

Strange how Cameron has trouble with his private life finances yet we must trust him to handle the natives stuff...

He doesn't have trouble with his private finances. And his wifey is even richer. Loaded.

He has trouble being caught lying, or at least being very economical with the truth; and being caught doing what the publicly shamed others for doing.

Two faced hypocrisy - a qualification for any self respecting wealthy politician.

[Baerboxer]

I am an expat living in Chiangmai .Some of the comments seem to be from bigots(I have never voted Tory) but some of the ignorant comments astound me(just like the farang who hang out in bars and frequent bar girls and 'massage' shops all over Thailand.)

so how do you know "these farangs" who hang out in bars, frequent bar girls or "massage shops" unless you have been there and are speaking from first hand experience ?

and your off topic anyway

"I am an expat living in Chiangma"

Translation...I am a self righteous, retired Mr Grumpy...who thinks he is better than everyone else

He's not necessarily condemning bar customers per se, neither is he saying he isn't one of them, what he is condemning are the ignorant comments that many people in bars and on Thaivisa make. And he's spot on. Your last comment, the "translation", being a perfect example of what he meant!

Maybe Mr Parker read a few of your other posts Souse?

[Baerboxer]

I am an expat living in Chiangmai .Some of the comments seem to be from bigots(I have never voted Tory) but some of the ignorant comments astound me(just like the farang who hang out in bars and frequent bar girls and 'massage' shops all over Thailand.)

so how do you know "these farangs" who hang out in bars, frequent bar girls or "massage shops" unless you have been there and are speaking from first hand experience ?

and your off topic anyway

"I am an expat living in Chiangma"

Translation...I am a self righteous, retired Mr Grumpy...who thinks he is better than everyone else

He's not necessarily condemning bar customers per se, neither is he saying he isn't one of them, what he is condemning are the ignorant comments that many people in bars and on Thaivisa make. And he's spot on. Your last comment, the "translation", being a perfect example of what he meant!

Maybe Mr Parker read a few of your other posts Souse?

[Basil B]

Today the news has been full of how his mother has made him two gifts of £100,000 being the maximum permissible tax free, nothing new on this, it is well known way to avoid inheritance tax, bet his accountant charged a lot for that advice that I have heard so often on the BBC's money advice programs for free.

-- BBC http://www.bbc.co.uk/news/uk-politics-36007718

[Jonmarleesco]

'Cameron ... rejected charges of hypocrisy on the issue ... "This government that I lead will go on very clearly, very doggedly, very determinedly making sure that we crack down on tax evasion and aggressive tax avoidance" ...' It'll be non-hypocritical if he resigns voluntarily. Otherwise ...

And we still need to question the high likelihood of hypocrisy in the treasury, itself, as well as in HMRC.

Edited April 11, 2016 by Jonmarleesco

[Jonmarleesco]

I am an expat living in Chiangmai .Some of the comments seem to be from bigots(I have never voted Tory) but some of the ignorant comments astound me(just like the farang who hang out in bars and frequent bar girls and 'massage' shops all over Thailand.)

What is it that astounds you? The farang hanging out in bars and frequenting bar girls and 'massage' shops all over Thailand? Or the comments? - all of which could be considered ignorant, given no one has inside knowledge of Cameron's financial dealings (and he would prefer it remained that way) but everyone can draw conclusions from what he says - or doesn't say.

[Fookhaht]

"I am NOT a crook!"

-Richard Nixon, 1974

[ThaiKneeTim]

Release of the tax returns says bugger all about his dodgy dealings. The whole point of off shore investments is to avoid UK tax, not the sort of stuff you'd put on a tax return then is it!

More smoke and mirrors from dodgy Dave.

[ThaiKneeTim]

"I am NOT a crook!"

-Richard Nixon, 1974

I did not have sexual relations with that woman.

- Bill Clinton, 2008

[sonos99]

Release of the tax returns says bugger all about his dodgy dealings. The whole point of off shore investments is to avoid UK tax, not the sort of stuff you'd put on a tax return then is it!

More smoke and mirrors from dodgy Dave.

If a UK taxpayer invests in an offshore fund his tax liability is the same as if he invested in a UK domiciled fund. Income tax is payable on the dividends and when the shares/units are sold capital gains tax is payable (if the capital gains exceeds the investor's capital gains tax allowance). There is no tax avoidance except for maybe stamp duty (if it still exists) at 0.05%.

If the UK taxpayer does not declare and pay the taxes owing it is tax evasion which is illegal.

Cameron says he has paid all taxes so they will be declared on his tax return.

[dick dasterdly]

Release of the tax returns says bugger all about his dodgy dealings. The whole point of off shore investments is to avoid UK tax, not the sort of stuff you'd put on a tax return then is it!

More smoke and mirrors from dodgy Dave.

If a UK taxpayer invests in an offshore fund his tax liability is the same as if he invested in a UK domiciled fund. Income tax is payable on the dividends and when the shares/units are sold capital gains tax is payable (if the capital gains exceeds the investor's capital gains tax allowance). There is no tax avoidance except for maybe stamp duty (if it still exists) at 0.05%.

If the UK taxpayer does not declare and pay the taxes owing it is tax evasion which is illegal.

Cameron says he has paid all taxes so they will be declared on his tax return.

Good grief! Do you honestly think we are all so stupid that we will ignore the elephant in the house i.e. why companies set up offshore accounts and why wealthy people like them so much?

[sonos99]

Release of the tax returns says bugger all about his dodgy dealings. The whole point of off shore investments is to avoid UK tax, not the sort of stuff you'd put on a tax return then is it!

More smoke and mirrors from dodgy Dave.

If a UK taxpayer invests in an offshore fund his tax liability is the same as if he invested in a UK domiciled fund. Income tax is payable on the dividends and when the shares/units are sold capital gains tax is payable (if the capital gains exceeds the investor's capital gains tax allowance). There is no tax avoidance except for maybe stamp duty (if it still exists) at 0.05%.

If the UK taxpayer does not declare and pay the taxes owing it is tax evasion which is illegal.

Cameron says he has paid all taxes so they will be declared on his tax return.

Good grief! Do you honestly think we are all so stupid that we will ignore the elephant in the house i.e. why companies set up offshore accounts and why wealthy people like them so much?

Unless the tax rate is the same in every country in the world there will always be tax avoidance. Companies and individuals will always seek to pay less tax and therefore make more profit.Many countries offer incentives to encourage overseas investment by offering lower tax rates not just the traditional tax havens.

There is no doubt that lower taxes are one of the reasons why companies set up subsidiaries or funds in offshore countries.

The multi national companies are amongst the worst at avoiding taxes. Apple has structured so that all profits from its sales flow through Ireland with its 12.5% tax rate. Apple made 2 billion in profit in the UK but only paid 12 million in tax.

It is not just rich people that invest in offshore funds. Most offshore funds (investment trusts, Unit trusts, ETFs and hedge funds) are available for anyone to invest in. Some especially the hedge funds require large investment amounts but many do not. UK household names such as HSBC, Legal and General, Standard Life, Aberdeen and iShares all have offshore funds. Many people may own them in their pensions or ISAs without being aware that they are domiciled offshore. There are 1,800 funds domiciled in Ireland alone which are marketed and sold to UK taxpayers. Ireland has a corporate tax rate of 12.5% so has attracted many investment funds. Blairmore the fund David Cameron invested in is now domiciled in Ireland. Investing in these funds is not tax avoidance as the tax liability for a UK taxpayer is the same as if they invested in a UK fund.

However there is no doubt that some people seek to hide assets, launder money, and evade taxes etc by using private trusts, foundations etc. This is criminal activity and needs to be stopped

[ThaiKneeTim]

Release of the tax returns says bugger all about his dodgy dealings. The whole point of off shore investments is to avoid UK tax, not the sort of stuff you'd put on a tax return then is it!

More smoke and mirrors from dodgy Dave.

If a UK taxpayer invests in an offshore fund his tax liability is the same as if he invested in a UK domiciled fund. Income tax is payable on the dividends and when the shares/units are sold capital gains tax is payable (if the capital gains exceeds the investor's capital gains tax allowance). There is no tax avoidance except for maybe stamp duty (if it still exists) at 0.05%.

If the UK taxpayer does not declare and pay the taxes owing it is tax evasion which is illegal.

Cameron says he has paid all taxes so they will be declared on his tax return.

So what *is* the point of having an off shore account then? And why did dodgy Dave deny (four times) having off shore investments if there is nothing wrong with having them?

[ThaiKneeTim]

Why try to evade paying taxes when you know that taxes support essential services, fire, police, medical , armed forces, transport infrastructure that everyone uses.

Neoliberalism aside, the only reason anyone would choose to avoid tax in the country in which they are domiciled is avarice.

Being rich isn't enough, some want to be richer than the next rich man, and in that battle of the richest the poorest suffer.

[NongKhaiKid]

Cameron told the House he considers only the sitting PM and Chancellor with the Leader of the Opposition and the Shadow Chancellor need declare their taxes but there's debate as to whether every MP should be obliged to do so also.

I only caught part of a BBC report on the subject in which it was reported that one MP has stated he would immediately resign if required to do so but it wasn't said why. If it's a privacy issue it would be in line with politicians happily enacting laws for others to obey.

[ThaiKneeTim]

Cameron told the House he considers only the sitting PM and Chancellor with the Leader of the Opposition and the Shadow Chancellor need declare their taxes but there's debate as to whether every MP should be obliged to do so also.

I only caught part of a BBC report on the subject in which it was reported that one MP has stated he would immediately resign if required to do so but it wasn't said why. If it's a privacy issue it would be in line with politicians happily enacting laws for others to obey.

Simple solution: As is a growing requirement in industry, make all MP's set up, and operate their political business through a limited company. As is a requirement of companies house their accounts would have to be lodged annually, and be open to public scrutiny. They would also have to declare directorship in other companies which are similarly open to public scrutiny.