The greatest tax scandal in history exposes David Cameron’s own millionaire father

On 3 April 2016, the offshore tax schemes of rich and famous figures from around the world were exposed, as a media coalition released leaked documents from a Panamanian law firm. This massive leak shows just how intimately linked such dealings are with the world’s political and financial elites. Here’s how David Cameron’s father has been implicated in the ‘Panama Papers‘ scandal.

In the 11.5 million leaked documents from law firm Mossack Fonseca which were released by the International Consortium of Investigative Journalists (ICIJ), many political figures were shown to have exploited offshore tax havens and been involved in what USA Today has called an “unprecedented pattern of corruption” during the last 40 years.

The focus in the UK has fallen on the ruling Conservative party.

David Cameron’s late father, Ian Cameron, was a stockbroker, multi-millionaire, and Mossack Fonseca client. The firm allegedly helped him to protect his investment fund, Blairmore Holdings, Inc., from taxation in the UK. (Blairmore House, by the way, is the Cameron family’s ancestral country estate.)

Ian Cameron’s investment fund was registered in Panama by Mossack Fonseca, in spite of the fact that most of its main investors were British. To avoid becoming resident in the UK, the fund used “untraceable certificates of ownership”.

The Prime Minister’s father controlled this fund from its creation in 1982 until he died in 2010.

According to the ICIJ:

Read on...

Ian Cameron’s tax-haven history is an example of how deeply offshore secrecy is woven into the lives of political and financial elites around the world.

The UK’s role in the scandal

In 2013, David Cameron wrote to ten British overseas territories and crown dependencies which operated low-tax regimes. These included places like the Cayman Islands and the Isle of Man – which have been criticised for facilitating corporate tax avoidance or evasion.

Referring to the lack of transparency in these places, Cameron said:

we need to know who really owns and controls each and every company

It is difficult to believe that the Prime Minister was totally unaware of his father’s own attempts to hide the ownership of Blairmore Holdings, Inc. in order to avoid paying taxes in the UK. But we could give him the benefit of the doubt.

We cannot ignore the fact, however, that Cameron has failed to crack down on tax avoidance and evasion in any significant way. For example, over half of the 300,000 firms which were revealed to be clients of Mossack Fonseca are registered in tax havens administered by the UK. Also, three Tory peers have appeared in the leaked documents as tax haven users.

Shadow Chancellor John McDonnell slammed Cameron for his failures, saying:

Cameron promised and has failed to end tax secrecy and crack down on ‘morally unacceptable’ offshore schemes

The ICIJ has released more leaked documents in the Panama Papers than the combined total of the Wikileaks Cablegate, Offshore Leaks, Lux Leaks and Swiss Leaks. Mossack Fonseca, meanwhile, has denied all accusations of illegal activity.

In the coming days and weeks, these revelations are likely to send shockwaves throughout both the financial and political worlds. The Canary will bring you more analysis as more details are released.

Get involved!

– Watch this video from the ICIJ.

– Have a look at the ICIJ’s documents here.

– Support The Canary so we can keep holding the rich and powerful to account.

Featured image via Flickr/Number 10 and Wikimedia Commons/Mariordo

We need your help to keep speaking the truth

Every story that you have come to us with; each injustice you have asked us to investigate; every campaign we have fought; each of your unheard voices we amplified; we do this for you. We are making a difference on your behalf.

Our fight is your fight. You’ve supported our collective struggle every time you gave us a like; and every time you shared our work across social media. Now we need you to support us with a monthly donation.

We have published nearly 2,000 articles and over 50 films in 2021. And we want to do this and more in 2022 but we don’t have enough money to go on at this pace. So, if you value our work and want us to continue then please join us and be part of The Canary family.

In return, you get:

* Advert free reading experience
* Quarterly group video call with the Editor-in-Chief
* Behind the scenes monthly e-newsletter
* 20% discount in our shop

Almost all of our spending goes to the people who make The Canary’s content. So your contribution directly supports our writers and enables us to continue to do what we do: speaking truth, powered by you. We have weathered many attempts to shut us down and silence our vital opposition to an increasingly fascist government and right-wing mainstream media.

With your help we can continue:

* Holding political and state power to account
* Advocating for the people the system marginalises
* Being a media outlet that upholds the highest standards
* Campaigning on the issues others won’t
* Putting your lives central to everything we do

We are a drop of truth in an ocean of deceit. But we can’t do this without your support. So please, can you help us continue the fight?

The Canary Support us

Comments are closed