David Cameron offshore fund: Video of four times PM condemned 'immoral' tax avoidance

'Frankly some of these schemes where people are parking huge amounts of money offshore and taking loans back to just minimise their tax rates it is not morally acceptable'

David Cameron has been accused of hypocrisy after he admitted he did have a profitable stake in his father’s offshore investment fund, despite previous statements condemning aggressive tax avoidance as “not morally acceptable”.

In the past Mr Cameron has been critical of tax avoidance and Downing Street staffers have made clear his contribution to tackling tax evasion as a key part of his economic plan.

John Mann, a Labour MP and member of the Treasury Select Committee, said the admission by the Prime Minister should lead to his resignation. He added: “So during the 2010 General Election campaign Cameron failed to declare offshore shares. Get out now hypocrite.”

Here are some of the Prime Minister’s past statements on tax avoidance:

On Jimmy Car, June 2012

An investigation by The Times into tax avoidance, in 2012, exposed a single Jersey-based scheme that shelters £168 million a year from the taxman. The comedian Jimmy Carr is understood to be the largest beneficiary of the K2 tax scheme.

“Frankly some of these schemes where people are parking huge amounts of money offshore and taking loans back to just minimise their tax rates it is not morally acceptable,” Mr Cameron said.

World Economic Forum, January 2013

“We want to use the G8 to drive a more serious debate on tax evasion and tax avoidance”

Good Morning Britain, January 2013

“Tax avoidance, in these cases, of very aggressive tax avoidance schemes they are wrong and we should really persuade people not to do them.”

G8 Summit, June 2013

“You have to collect the taxes that are owed. That is only fair for companies and people who play by the rules and it’s vital for developing economies too.