This was a systematic scheme to avoid paying possible hundreds of thousands of pounds in tax to the UK Treasury – by the Cameron family.
Firstly, the family home was handed over to elder son Alexander in 2006, avoiding a fortune in Inheritance Tax.
Then David Cameron received £300,000 from his father’s will – an amount slightly lower than the Inheritance Tax threshold of £325,000.
Now it has emerged that Mary Cameron has given the prime minister a tax-free sum of £200,000 in two payments, to “even up” the amounts left to the Cameron children.
Examining this information, perhaps we should start by asking what parent would set out to leave one child more than others? Mine wouldn’t. And David Cameron’s protestations of love for his father suggest that his wouldn’t, either.
So why give more to one child and leave less to the others?
It has to be a pre-planned tax avoidance strategy – in which David Cameron would logically have been a willing participant.
Now let’s look at the ‘source’ close to the Cameron’s who said it was “the kind of sensible, perfectly legal and proper tax planning that millions of ordinary people do”.
How many millions of “ordinary people” have that kind of money to splash around?
Why is this behaviour still legal? Oh yes – David Cameron and George Osborne haven’t changed tax law in accordance with the wishes of the UK electorate to make it a crime.
So the comment that Cameron believes “everyone should obey the tax law at all times and he has done” is tainted by the fact that his tax law favours what he and his family have done to avoid paying tax.
This is the prime minister of the United Kingdom, people! And he has deliberately withheld money owed to the state. Why are we still tolerating his presence in Parliament?
David Cameron faced a fresh row over his personal wealth last night when it emerged he stands to avoid a £70,000 tax bill following his father’s death.
His mother Mary gave him an extra £200,000 months after stockbroker Ian Cameron died in September 2010, having left his son £300,000 in his will. It meant the money was paid to the Prime Minister free of Inheritance Tax (IHT).
If his father had left him £500,000 in a lump sum, £70,000 of it would have had to be paid to the Inland Revenue.
All bequests over £325,000 are subject to a 40 per cent tax levy.
A source close to the Prime Minister vehemently denied any wrongdoing, saying: ‘This is the kind of sensible, perfectly legal and proper tax planning that millions of ordinary people do.’
The source said Mr Cameron had no idea his mother planned to give him and his two sisters extra money after their father’s death.
After receiving £300,000 in his father’s will in December 2010, the PM’s mother gave him two additional sums of £100,000 – tax-free – in May and July 2011.
He used £137,500 to buy the field adjoining his house in Oxfordshire.
Mrs Cameron is said to have given the extra amount to the Prime Minister – with similar amounts to his sisters – to ‘even out’ the division of their father’s wealth among his four children.
Mr Cameron’s elder brother Alexander was given ownership of the main family home in Oxfordshire in 2006, worth £2.5 million.
This appears to have been designed to take advantage of the ‘seven-year rule’ which can reduce – or wipe out – IHT.
‘When she looked at things after her husband’s death, the Prime Minister’s mother felt it was important to even out the way the money was shared between all four children,’ said the source.
The source said the Prime Minister had no idea his mother intended to give him the money, nor had he been involved in any family discussions about the matter before his father’s death.
Asked if the Prime Minister believed he or his family had done anything wrong, the source said: ‘The Prime Minister believes everyone should obey the tax law at all times and he has done.’
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