Prime Minister of United Kingdom David Cameron’s tax issues has further escalated as the Panama Papers also hit at his family members.
This is the first time that a Prime Minister of UK has released a summary of his tax returns from 2009 -15. Cameron had to issue the statement on Tuesday featuring his family’s personal tax arrangements as the controversy surrounding Panama Papers intensified.
According to BBC, the two $186788 (£100,000) payments were made after Cameron inherited $560115 (£300,000) from his late father.
Previously, David Cameron insisted that none of his family members got any benefits from an offshore company set up in Panama by his late father and which paid no tax in the UK for around 30 years. His initial reluctance caused a lot of furor among his critics.
Meanwhile, the summary released by the British Prime Minister stated that in the past 6 years he had earned $2 million (£1.1million) and paid $747204 (£400000) in income tax. He paid $142067 (£76,000) on an income tax and more than $373860 (£200,000) in 2015.
Details are not given by Cameron’s Downing Street Office on the $134541 (£72,000) Cameron received by selling other shares in his Blairmore Holdings fund which is beyond his investments. There are also no details on $74772 (£40,000) he received from his stock broking account.
The payments made by Mary Cameron made in May and July 2011 went tax-free. Inheritance tax will be applicable to the payment only if Mary Cameron dies. Moreover, it would be only the inheritance tax of 40%.
The opposition Labour party leader Jeremy Corbyn has accused David Cameron of deceiving people by issuing a statement which is according to him “weasel-worded,” reported Business Standard.
The Prime Minister is not accused of having done anything illegal. It is a well-known fact that he has immense wealth and a very privileged upbringing. But his initial reluctance to admit that he has benefited from the offshore fund and the statement releasing his tax details, have given the public an impression that he is making an effort to cover up.
Furthermore, as his government claims to be at the forefront of global efforts to crackdown offshore tax havens, so he is accused of hypocrisy, too.