UK PM’s fortune set up in tax havens

After all capital controls were scrapped in 1979, Ian Cameron built his family fortune in tax havens such as Panama City and Geneva being able to take any amount of money out of the country while the UK government could not tax or control it, revealed The Guardian.

The change in the UK law, which was introduced by former Prime Minister Margaret Thatcher, allowed Ian Cameron to set up investment funds in tax havens around the globe.

The newspaper revealed that the family will does not include details related to Ian Cameron’s offshore investments as those details would only be submitted to Her Majesty’s Revenue and Customs (HMRC). Some analysts estimated the family’s wealth at £10m.

Moreover, while David Cameron and other ministers have said they would be willing to publish their personal tax filings, their accumulated wealth or inheritance would not be revealed as the filings only include annual sources of income.

The revelations come as the findings of a confidential study by the HMRC earlier this month revealed that Britain’s multimillionaires paid “virtually no income tax” by exploiting legal loopholes.

ISH/MF/HE

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