- Prime Minister’s multi-millionaire father had money in Jersey
- The money was held in Jersey a few years before the Conservative leader called for a crackdown on the use of offshore finance centres.
- It has been reported that Mr Cameron Snr helped to manage funds in Jersey.
DAVID Cameron’s multi-millionaire father had money held in Jersey at the time of his death in 2010, documents have shown.
Royal Court papers attached to a copy of his will have shown for the first time that Ian Cameron had money held in the Island.
The total amount has not been revealed, other than that assets left here were worth more than £10,000.
The money was held in Jersey a few years before the Conservative leader called for a crackdown on the use of offshore finance centres.
In 2013, shortly after Mr Cameron spoke out about offshore finance centres, Jersey Chief Minister Ian Gorst visited 10 Downing Street with the leaders of ten other British Crown Dependencies to discuss tax issues.
It has been reported that Mr Cameron Snr helped to manage funds in Jersey. However, he has previously never been known to have held personal wealth in the Island.
Geoff Cook, chief executive of Jersey Finance, said: ‘We cannot comment on individual cases, but from a reputational perspective, in September 2013 David Cameron in the House of Commons said that it was no longer considered fair to use the label tax haven, after efforts to ensure transparency.
‘Jersey has received a host of positive reports in the last few years, with overwhelming endorsement by the international community of Jersey’s excellent track record in respect of good governance and regulation.’
Advocate Mark Renouf, partner in Jersey law firm Hanson Renouf, said that the grant of probate document would be required only if MrCameron Snr’s Jersey-based assets were over £10,000, but that the exact total is unknown.
There has been no suggestion that David Cameron has benefited financially from any of the offshore assets, or that his father had acted illegally in any way.
In 2009 Mr Cameron Snr’s wealth was estimated to be in the region of £10 million. However, the net value of his estate at the time of his death at 77 was put at just under £2.7 million.
A spokesman for Downing Street told Channel 4 News: ‘David Cameron did not discuss the writing of his father’s will with him, or know the contents of it, before he died. He was not an executor of the will. He was a beneficiary of a cash legacy. He does not have any offshore assets, accounts or private shareholdings of any description.
‘In government, Conservatives have done more than any other party to crack down on tax avoidance and evasion.’
