David Cameron might think £30,000 is a trifling amount, but the rest of us don't

In terms of the EU referendum, the timing here couldn't be worse

Is it really such a big deal? Yes, it seems it is (Getty)

Yesterday was put out the trash day in Downing Street.

After days of answering questions in a way which didn’t answer the questions which had been asked, David Cameron finally came clean: yes, he had been a beneficiary of his dad’s offshore trust – but he sold his stake before he became Prime Minister and paid the taxes which were due on the income (although that happened to be nothing).

The revelation is undoubtedly embarrassing – not least because it had to be dragged out of the Prime Minister after days of obfuscation.

It is also damaging. While most of the ins and outs of the Westminster village tend to pass normal people by, it is stories like this that have traction and are remembered.

For Mr Cameron and his family, the £30,000 he and his wife received from their stake in the trust probably didn’t seem like a lot of money. But when you think that the average income in the UK is £26,500 a year, many voters will have a very different perception of Mr Cameron’s windfall.

So what are the ramifications of this ‘scandal’? For Cameron personally, not a lot. He does not appear to have done anything materially wrong and it is telling that even the Labour Party is not demanding the usual inquiry by the Cabinet Secretary into perceived impropriety.

But the timing is appalling in terms of the EU referendum debate.

This episode reduces trust in Cameron at precisely the time he needs it the most. For the man who said ‘we’re all in it together’, his tax affairs clearly demonstrate that some people are in it more than others.

It makes him look remote and out of touch. It makes voters less inclined to believe him. And it makes the possibility that when people go to the ballot box in June, they will use it as an opportunity to give the Government a kicking regardless of the broader question on the ballot paper.

That should profoundly worry Cameron – and indeed anyone who believes Britain’s future is best served by remaining in the European Union.