British Prime Minister David Cameron is facing growing calls for his resignation after admitting he profited from some of his father’s offshore holdings.
The stake in his father Ian Cameron’s Panama-based trust, which the Prime Minister sold for more than $42,000 in 2010, had not paid any tax in the United Kingdom, according to The Guardian. The revelation came as part of a data leak known collectively as the Panama Papers, which named Ian Cameron as one of many public figures who held offshore investments. Many argue these offshore investments were to avoid paying taxes in his home country.
Ian Cameron was named along with other public figures such as Vladimir Putin and Iceland’s Prime Minister Sigmundur David Gunnlaugsson, who took a leave of absence because of the scandal. Now David Cameron is being investigated by the Parliamentary Standards Commissioner, according to Daily Mail, and was asked to give a full account of his tax affairs.
Members of the British Parliament have accused David of being dishonest, and some, such as John Mann, have called for his resignation.
“No interpretation of his actions could conclude that he has acted in an 'open and frank' way, in line with the Code of Conduct for MPs,” Mann told the Parliament, according to Daily Mail. “It is only now, with the Panama revelations, that David Cameron has been forced to admit that he did not register his financial interests. This is a matter of transparency and integrity. David Cameron has shown neither of these qualities and should resign as Prime Minister.”
However, David has insisted that he acted in accordance with the law, and others in the government have said that not all offshore accounts are created to avoid paying taxes. A senior government source told The Guardian that Ian Cameron’s offshore fund, Biltmore Holdings, was not “not a vehicle for tax avoidance”.