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David Cameron defends ‘entirely standard practice’ of offshore investments


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David Cameron defends ‘entirely standard practice’ of offshore investments
By Joanna Gill

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"The truth is that the UK is at the heart of the global tax avoidance industry, its a national scandal and its got to end."

LONDON: -- David Cameron faced MPs for the first time since the Panama Papers leak revealed he held a stake in his father’s offshore fund. He defended his tax affairs in front of a packed out parliament saying that overseas investments were ‘an entirely standard practice’ and was not a form of tax avoidance.


Cameron sought to defuse the controversy over his own financial affairs by announcing tough new measures to counter tax avoidance with criminal penalties for companies whose staff enable tax evasion.

These include:
Crown dependencies must share information with British police and tax authority HMRC
A new criminal offence to apply to corporations who fail to prevent their representatives from criminally facilitating tax evasion
A new task force to analyse all information that has been made available from Panama and take rapid action

After publishing his tax return, he faced fresh accusations of tax avoidance over 200,000 pounds gifted to him by his mother after his father’s death. Defending the inheritance he said it was a ‘natural human instinct’ to help your children. He said Labour were the ‘enemies of aspiration’ for highlighting the issue of inheritance tax.

The leader of the opposition Labour party, Jeremy Corbyn said the premier’s statement was a ‘masterclass in the art of distraction’ and called for a full inquiry into the implications of the Panama Papers.

Corbyn also slammed the UK’s role in offshore investments saying, “The truth is that the UK is at the heart of the global tax avoidance industry, it’s a national scandal and it’s got to end.”

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-- (c) Copyright Euronews 2016-04-12

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Not really as Cameron has said SEVERAL times that this sort of thing "It is not morally acceptable"- David Cameron, Clip courtesy Channel 4 News

http://www.bbc.com/news/uk-politics-35995741

What he seems to have been referring to was people putting money off shore for tax avoidance purposes, which is totally legal, but then taking taking loans against those funds at a low tax rate. Legally, it seems.

If that's legal, and the people are opposed to it, then close the loop hole. It doesn't seem DC was involved in this practice. He owned shares in some off shore fund and paid taxes on his investments. Seems what he did was legal???

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Not really as Cameron has said SEVERAL times that this sort of thing "It is not morally acceptable"- David Cameron, Clip courtesy Channel 4 News

http://www.bbc.com/news/uk-politics-35995741

What he seems to have been referring to was people putting money off shore for tax avoidance purposes, which is totally legal, but then taking taking loans against those funds at a low tax rate. Legally, it seems.

If that's legal, and the people are opposed to it, then close the loop hole. It doesn't seem DC was involved in this practice. He owned shares in some off shore fund and paid taxes on his investments. Seems what he did was legal???

the Cameron family were and he has said many times, illegal or not, it was morally un-acceptable. note his comments about Jimmy Carr.

Edited by cumgranosalum
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David Cameron defends ‘entirely standard practice’ of offshore investments

It's an entirely standard practice for you privileged millionaires, but not quite so standard for the 99% rest of the country.

David Cameron, defining standards for the UK...

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Not really as Cameron has said SEVERAL times that this sort of thing "It is not morally acceptable"- David Cameron, Clip courtesy Channel 4 News

http://www.bbc.com/news/uk-politics-35995741

What he seems to have been referring to was people putting money off shore for tax avoidance purposes, which is totally legal, but then taking taking loans against those funds at a low tax rate. Legally, it seems.

If that's legal, and the people are opposed to it, then close the loop hole. It doesn't seem DC was involved in this practice. He owned shares in some off shore fund and paid taxes on his investments. Seems what he did was legal???

the Cameron family were and he has said many times, illegal or not, it was morally un-acceptable. note his comments about Jimmy Carr.

The Jimmy Carr scheme to avoid tax and the Cameron purchase of shares in an offshore fund are quite different.

Carr avoided paying tax on a substantial portion of his large salary whereas Cameron has paid his taxes in full. Cameron has not avoided any UK tax. The tax liability for buying and selling shares or units in offshore funds is the same as for a UK domiciled fund.

Cameron was correct to criticise the Carr scheme.

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Seems that he has not done anything illegal and I can't get excited about the morality or not of his actions.

However I do welcome anything that will contribute to his demise which would be his just dessert for his continual lying about and support of the EU.

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Not really as Cameron has said SEVERAL times that this sort of thing "It is not morally acceptable"- David Cameron, Clip courtesy Channel 4 News

http://www.bbc.com/news/uk-politics-35995741

What he seems to have been referring to was people putting money off shore for tax avoidance purposes, which is totally legal, but then taking taking loans against those funds at a low tax rate. Legally, it seems.

If that's legal, and the people are opposed to it, then close the loop hole. It doesn't seem DC was involved in this practice. He owned shares in some off shore fund and paid taxes on his investments. Seems what he did was legal???

the Cameron family were and he has said many times, illegal or not, it was morally un-acceptable. note his comments about Jimmy Carr.

The Jimmy Carr scheme to avoid tax and the Cameron purchase of shares in an offshore fund are quite different.

Carr avoided paying tax on a substantial portion of his large salary whereas Cameron has paid his taxes in full. Cameron has not avoided any UK tax. The tax liability for buying and selling shares or units in offshore funds is the same as for a UK domiciled fund.

Cameron was correct to criticise the Carr scheme.

No it isn't. This the behaviour that Dodgy dave decided was dispicable and now we find out legal or not he and his family have engaged and profited from it.

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"Labour were the ‘enemies of aspiration’ for highlighting the issue of inheritance tax"

Hmmm, that just might make a fine quotation for Cameron's political tombstone.

Actually no, it is the tombstone of the Labour Party led by Jeremy Corbyn.

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What he seems to have been referring to was people putting money off shore for tax avoidance purposes, which is totally legal, but then taking taking loans against those funds at a low tax rate. Legally, it seems.

If that's legal, and the people are opposed to it, then close the loop hole. It doesn't seem DC was involved in this practice. He owned shares in some off shore fund and paid taxes on his investments. Seems what he did was legal???

the Cameron family were and he has said many times, illegal or not, it was morally un-acceptable. note his comments about Jimmy Carr.

The Jimmy Carr scheme to avoid tax and the Cameron purchase of shares in an offshore fund are quite different.

Carr avoided paying tax on a substantial portion of his large salary whereas Cameron has paid his taxes in full. Cameron has not avoided any UK tax. The tax liability for buying and selling shares or units in offshore funds is the same as for a UK domiciled fund.

Cameron was correct to criticise the Carr scheme.

No it isn't. This the behaviour that Dodgy dave decided was dispicable and now we find out legal or not he and his family have engaged and profited from it.

One of the things we have to continuously put up with is the financially illiterate who are unable to distinguish between tax evasion and tax avoidance. Saying 'no it isn't' umpteen times doesn't quite cut it.

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What he seems to have been referring to was people putting money off shore for tax avoidance purposes, which is totally legal, but then taking taking loans against those funds at a low tax rate. Legally, it seems.

If that's legal, and the people are opposed to it, then close the loop hole. It doesn't seem DC was involved in this practice. He owned shares in some off shore fund and paid taxes on his investments. Seems what he did was legal???

the Cameron family were and he has said many times, illegal or not, it was morally un-acceptable. note his comments about Jimmy Carr.

The Jimmy Carr scheme to avoid tax and the Cameron purchase of shares in an offshore fund are quite different.

Carr avoided paying tax on a substantial portion of his large salary whereas Cameron has paid his taxes in full. Cameron has not avoided any UK tax. The tax liability for buying and selling shares or units in offshore funds is the same as for a UK domiciled fund.

Cameron was correct to criticise the Carr scheme.

No it isn't. This the behaviour that Dodgy dave decided was dispicable and now we find out legal or not he and his family have engaged and profited from it.

Nonsense, as already stated tax avoidance is perfectly legal and morally acceptable, only those who are unaware of the rules and/or those with insufficient funds to be able to use them will whine. No difference between sheltering funds in an offshore fund and sheltering funds in an ISA.

Edited by chiang mai
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Not really as Cameron has said SEVERAL times that this sort of thing "It is not morally acceptable"- David Cameron, Clip courtesy Channel 4 News

http://www.bbc.com/news/uk-politics-35995741

What he seems to have been referring to was people putting money off shore for tax avoidance purposes, which is totally legal, but then taking taking loans against those funds at a low tax rate. Legally, it seems.

If that's legal, and the people are opposed to it, then close the loop hole. It doesn't seem DC was involved in this practice. He owned shares in some off shore fund and paid taxes on his investments. Seems what he did was legal???

the Cameron family were and he has said many times, illegal or not, it was morally un-acceptable. note his comments about Jimmy Carr.


The Jimmy Carr scheme to avoid tax and the Cameron purchase of shares in an offshore fund are quite different.

Carr avoided paying tax on a substantial portion of his large salary whereas Cameron has paid his taxes in full. Cameron has not avoided any UK tax. The tax liability for buying and selling shares or units in offshore funds is the same as for a UK domiciled fund.

Cameron was correct to criticise the Carr scheme.

No it isn't. This the behaviour that Dodgy dave decided was dispicable and now we find out legal or not he and his family have engaged and profited from it.


Cameron paid all his taxes and Jimmy Carr didn't. It seems to me that this is a fundamental difference!

The tax liability for a UK tax payer buying an offshore fund is the same as for a UK fund. Cameron did not a avoid any tax - Jimmy Carr did avoid tax.

I thought it was interesting when David Cameron spoke in Parliament last night that he identified Westminster Council, trade unions and the Guardian newspaper as all having investments in offshore funds. There is nothing wrong with this. They haven't done anything wrong either. No tax avoidance here. If they have been critical of Cameron as the Guardian certainly have been they are hypocrites.
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Not really as Cameron has said SEVERAL times that this sort of thing "It is not morally acceptable"- David Cameron, Clip courtesy Channel 4 News

http://www.bbc.com/news/uk-politics-35995741

What he seems to have been referring to was people putting money off shore for tax avoidance purposes, which is totally legal, but then taking taking loans against those funds at a low tax rate. Legally, it seems.

If that's legal, and the people are opposed to it, then close the loop hole. It doesn't seem DC was involved in this practice. He owned shares in some off shore fund and paid taxes on his investments. Seems what he did was legal???

the Cameron family were and he has said many times, illegal or not, it was morally un-acceptable. note his comments about Jimmy Carr.

The Jimmy Carr scheme to avoid tax and the Cameron purchase of shares in an offshore fund are quite different.

Carr avoided paying tax on a substantial portion of his large salary whereas Cameron has paid his taxes in full. Cameron has not avoided any UK tax. The tax liability for buying and selling shares or units in offshore funds is the same as for a UK domiciled fund.

Cameron was correct to criticise the Carr scheme.

You should watch the video clip where Jeremy Corbyn tears Donald Cameron a new anal orifice. Throughout the whole 10 minute clip Cameron does nothing but check to see if his shoes are shined. This guy is a reverse Robin Hood steal from the poor to give to the rich. Disgusting individual.

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Not really as Cameron has said SEVERAL times that this sort of thing "It is not morally acceptable"- David Cameron, Clip courtesy Channel 4 News

http://www.bbc.com/news/uk-politics-35995741

What he seems to have been referring to was people putting money off shore for tax avoidance purposes, which is totally legal, but then taking taking loans against those funds at a low tax rate. Legally, it seems.

If that's legal, and the people are opposed to it, then close the loop hole. It doesn't seem DC was involved in this practice. He owned shares in some off shore fund and paid taxes on his investments. Seems what he did was legal???

the Cameron family were and he has said many times, illegal or not, it was morally un-acceptable. note his comments about Jimmy Carr.


The Jimmy Carr scheme to avoid tax and the Cameron purchase of shares in an offshore fund are quite different.

Carr avoided paying tax on a substantial portion of his large salary whereas Cameron has paid his taxes in full. Cameron has not avoided any UK tax. The tax liability for buying and selling shares or units in offshore funds is the same as for a UK domiciled fund.

Cameron was correct to criticise the Carr scheme.

You should watch the video clip where Jeremy Corbyn tears Donald Cameron a new anal orifice. Throughout the whole 10 minute clip Cameron does nothing but check to see if his shoes are shined. This guy is a reverse Robin Hood steal from the poor to give to the rich. Disgusting individual.


I did see Jeremy Corbin. I thought his response was pretty weak. When it comes to normal offshore funds the rich v poor rhetoric is a bit of a red herring. These funds are available to anyone and are not tax avoidance. Shares in these funds are held by all types. They can be bought online and many are traded on the London stock exchange.

Much better to focus on the multi nationals who avoid tax. Tax should be paid where the goods/services are sold. Today profits are moved to a low tax country and minimal taxes are paid in the country where the profits are made.

Tax evasion is also a big problem. It is still too easy to hide assets and evade tax. They need to make progress on registers which show the beneficial owners of the trusts, companies and foundations which are used to hide these assets. However to do this needs the cooperation of many different countries which is not easy to achieve.
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What he seems to have been referring to was people putting money off shore for tax avoidance purposes, which is totally legal, but then taking taking loans against those funds at a low tax rate. Legally, it seems.

If that's legal, and the people are opposed to it, then close the loop hole. It doesn't seem DC was involved in this practice. He owned shares in some off shore fund and paid taxes on his investments. Seems what he did was legal???

the Cameron family were and he has said many times, illegal or not, it was morally un-acceptable. note his comments about Jimmy Carr.

The Jimmy Carr scheme to avoid tax and the Cameron purchase of shares in an offshore fund are quite different.

Carr avoided paying tax on a substantial portion of his large salary whereas Cameron has paid his taxes in full. Cameron has not avoided any UK tax. The tax liability for buying and selling shares or units in offshore funds is the same as for a UK domiciled fund.

Cameron was correct to criticise the Carr scheme.

You should watch the video clip where Jeremy Corbyn tears Donald Cameron a new anal orifice. Throughout the whole 10 minute clip Cameron does nothing but check to see if his shoes are shined. This guy is a reverse Robin Hood steal from the poor to give to the rich. Disgusting individual.

Jeremy Corbyn's whining couldn't tear an old paper bag. This presumably would be the same Jeremy Corbyn the ally of Orthodox Trotskyist defenders of Stalinist Russia, which obviously pales into insignificance when compared to the crimes against humanity of David Cameron.

Edited by SheungWan
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'David Cameron ... defended his tax affairs ... saying that overseas investments were ‘an entirely standard practice’ and was not a form of tax avoidance.' That's not what he, Osborne, Gauke and HMRC were saying when they decided there was no such thing as tax avoidance ... only evasion.

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As long as done legally, according to the laws of your country, offshore accounts are fine.

I don't know the laws in the UK, but in the US, there are ways to get your inheritance without paying taxes. All legal.

This is not about inheritance, Cameron was involved in this before his father dies. This is tax avoidance plain and simple.

Hang the Bas**rd

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As long as done legally, according to the laws of your country, offshore accounts are fine.

I don't know the laws in the UK, but in the US, there are ways to get your inheritance without paying taxes. All legal.

This is not about inheritance, Cameron was involved in this before his father dies. This is tax avoidance plain and simple.

Hang the Bas**rd

Tax avoidance is legal. It's what accountants do for clients every day of the week.

Tax evasion is not.

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David Cameron defends ‘entirely standard practice’ of offshore investments

It's an entirely standard practice for you privileged millionaires, but not quite so standard for the 99% rest of the country.

David Cameron, defining standards for the UK...

'...not quite so standard' ? and what is that a reference to? .....maybe Cameron pointing out that the BBC, the Mirror Group, the Guardian Newspapers and hey-ho Islington Council all having similar types of overseas investments. So much for your bogus 99%.

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It is not clear to me whether David Cameron has avoided any tax.

People keep banging on that he has benefited from investing in a tax avoiding company. So what? If you buy shares in Apple, Google, Microsoft etc and probably any multinational company you will benefit from that company structuring itself to avoid tax. Companies will locate or structure themselves based on what will make them more profitable for example geographic location, skill level of workers, cost of workers, political stability of countries, trade treaties and of course tax benefits.

Even if David Cameron has profited from investing in a tax avoiding company so what? He has paid tax in the UK on his whole profit including any benefit he may have received from the fund manager company being located in a country with low taxes.

Therefore I cannot see how David Cameron has avoided any tax.

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Not really as Cameron has said SEVERAL times that this sort of thing "It is not morally acceptable"- David Cameron, Clip courtesy Channel 4 News

http://www.bbc.com/news/uk-politics-35995741

What he seems to have been referring to was people putting money off shore for tax avoidance purposes, which is totally legal, but then taking taking loans against those funds at a low tax rate. Legally, it seems.

If that's legal, and the people are opposed to it, then close the loop hole. It doesn't seem DC was involved in this practice. He owned shares in some off shore fund and paid taxes on his investments. Seems what he did was legal???

the Cameron family were and he has said many times, illegal or not, it was morally un-acceptable. note his comments about Jimmy Carr.


The Jimmy Carr scheme to avoid tax and the Cameron purchase of shares in an offshore fund are quite different.

Carr avoided paying tax on a substantial portion of his large salary whereas Cameron has paid his taxes in full. Cameron has not avoided any UK tax. The tax liability for buying and selling shares or units in offshore funds is the same as for a UK domiciled fund.

Cameron was correct to criticise the Carr scheme.

No it isn't. This the behaviour that Dodgy dave decided was dispicable and now we find out legal or not he and his family have engaged and profited from it.


It has just been explained rather well that there was a fundamental difference - yet you bizarrely deny it.
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@jayboy:

The difference you keep bringing up is a LEGAL difference, not a MORAL one. TAX AVOIDANCE and EVASION (in moral language) are the SAME.

Reports about cameron being asked to resign are from several disparate quarters

http://www.independent.co.uk/news/uk/politics/anti-austerity-protest-50000-london-david-cameron-resignation-trafalgar-square-a6987276.html

http://www.express.co.uk/news/politics/661733/David-Cameron-John-McDonnell-Panama-Papers-austerity-politics

if he loses the referendum he'll be out on his ear anyway.............

Edited by cumgranosalum
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I am sure Cameron does defend his dealings. No problem, if it is all perfectly harmless and no questionable transactions took place lets have a complete audit of the offshore account, names of the people involved in the fund, where the income was derived and the beneficiaries and disbursement of the investment account.

I am sure if it is all above board there will be no problem.

Isn't that the conservative Right Wing mantra. If you have nothing to hide or don't break the law you have nothing to worry about.

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I remember the Tories saying when they were elected ' We are all in this together' re the austerity measures. What a load of BS that was.

Aint that the truth. Tax breaks for Corporate UK, Tax Havens for the wealthy elite and for the UK worker Austerity. Pigs ass we are in this together. UK taxpayers and workers got 'sold a pup'.

Sorry guys but you vote in a conservative Right Wing government that's what you get. Although Cameron is considered a moderate Right Winger. Still, all tarred with the same brush I am afraid

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