Jos-Daily: Cameron slammed in tax showdown : 'One rule for the super-rich, another for everyone else'

David Cameron in tax haven House of Commons statement

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David Cameron defended his investments in the House of Commons

The Prime Minister admitted he has been referred to the standards watchdog by Labour but defended his investments as "entirely standard practice".

But Jeremy Corbyn called the Prime Minister's statement a "masterclass in the art of distraction" and claimed the scandal proves there is "one rule for the super-rich and another for everyone else".
The Labour leader also called on the Conservatives to back a full public inquiry into the international tax system, accusing the Tories of being "incapable of taking serious internationally co-ordinated action to tackle tax dodging".

David Cameron pictured in House of Commons

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CHALLENGE: Cameron has faced a grilling from MPs

He added: "What they have driven home is what many people have increasingly felt – there is now one rule for the super-rich and another for the rest"

"I'm honestly not sure that the Prime Minister fully appreciates the anger that is out there over this injustice."

But Cameron tried to fight back today, saying: "There have been some deeply hurtful and profoundly untrue allegations made against my father.
"Allow me to put the record straight.
"This investment fund was set off overseas in the first place because it was going to be trading predominantly in dollar securities."

Jeremy Corbyn pictured in House of Commons

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CRITICAL: The Labour leader called for a public inquiry

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ANGER: Corbyn accused the PM of not appreciating the anger felt towards him

“There is now one rule for the super-rich and another for the rest”
Jeremy Corbyn

He did admit full responsibility for taking nearly a week to admit his role.
And he has announced three new rules to open up tax havens – there will be a new criminal offence for tax evasion, there will be a task force to crack down on it and UK law enforcement will be able to name people benefitting from firms in tax havens.
Labour leader Corbyn has published his tax return for the last financial year, showing that he declared £1,850 of additional income beyond his Parliamentary salary.
And Chancellor George Osborne has also published his tax figures as pressure mounted on MPs to come clean about their personal finances.
The details showed a total taxable income of £198,738, including £44,647 in the form of dividends and rental income of £33,562.

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SMUG: Cameron appeared to smile as Corbyn made his case

The Prime Minister has been in hot water over his tax affairs and treatment of tax avoidance – sparking mass protests and calls for him to resign.

Last week, Mr Cameron admitted he owned 5,000 units in Blairmore Investment Trust – a fund set up by his late father Ian.
He added that he sold them for £30,000 before becoming Prime Minister.

In an interview with ITV News, Mr Cameron said: "We owned 5,000 units in Blairmore Investment Trust, which we sold in January 2010. That was worth something like £30,000.
"I paid income tax on the dividends. There was a profit on it but it was less than the capital gains tax allowance so I didn't pay capital gains tax. But it was subject to all the UK taxes in all the normal way.
"I want to be as clear as I can about the past, about the present, about the future, because frankly I don't have anything to hide."

EU referendum

Saturday, 20th February 2016

With an in/out referendum on EU membership set for June 23 this year, we're taking an overview look of David Cameron's two-day visit at EU summit at EU headquarters in Brussels and his return to Downing Street to meet with his cabinet.