David Cameron dodges question when asked whether he benefited from offshore fund set up by his father

The Prime Minister says he has 'no shares' in the fund

David Cameron has “no shares” in an offshore investment fund set up by his late father, he has said.

The Prime Minister was asked specifically whether he or his family had derived any benefit from the fund, but did not directly answer that question.

The offshore company came to light as part of a leak from Panama-based Mossack Fonseca show it registered over 100,000 secret companies in the British Virgin Islands.

Mr Cameron's father Ian Cameron was a director of a firm which held its meetings in the Bahamas so that it did not have to pay British tax.

Downing Street said the fund was “a private matter” and had also said he has no shares in the fund.

On a visit to Birmingham, Mr Cameron was asked by Sky News: “Can you clarify for the record that you and your family have not derived any benefit in the past and will not in the future from the offshore Blairmore holdings fund mentioned in the Panama papers?”

He replied: “In terms of my own financial affairs, I own no shares, I have a salary as Prime Minister, and I have some savings, which I get some interest from, and I have a house, which we used to live in which we now let out while we’re living in Downing Street.

“That’s all I have: I have no shares, no offshore trusts, no offshore funds, nothing like that. That is, I think, a very clear description.”

Labour leader Jeremy Corbyn has called for an independent inquiry into all British people linked to the so-called Panama Paper leak, including Mr Cameron.

He said the PM had to “set the record straight”.

Mr Cameron was in the Midlands taking questions from the press and members of the financial services firm PWC.

Last month a report by the charity Oxfam estimated that the UK Treasury loses £5 billion a year to tax havens.