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British Prime Minister Admits Owning Stake in Panama Account

Prime Minister David Cameron holds a Q&A session on the forthcoming European Union referendum with staff of PricewaterhouseCoopers on April 5, 2016 in Birmingham, England. The UK will vote on whether or not to remain in the European Union on June 23, 2016.Prime Minister David Cameron holds a Q&A session on the forthcoming European Union referendum with staff of PricewaterhouseCoopers on April 5, 2016 in Birmingham, England. The UK will vote on whether or not to remain in the European Union on June 23, 2016.
Cameron holds on to his (Panama) hat...Christopher Furlong 2016 Getty Images

UK Prime Minister David Cameron is admitting that he profited from his father’s offshore account, an allegation dredged up in the recent Panama Papers leak still producing headlines throughout the world.

Cameron, whose Conservative Party won big in elections last year, has admitted that he sold £31,500 worth of of a Panama-based hedge fund in 2010, just four months before he ascended to the Premiership, reports ITV News. He had owned the shares since 1997, including while he was the Leader of the Opposition, prior to the Conservatives taking control of the House of Commons in 2010.

Cameron did pay income tax on the dividends he received, but there was no capital gains tax as the profits didn’t reach the threshold.

Up until Thursday, Cameron had dodged questions about his involvement in the Panama funds. This seems unlikely to end the political pressure on the Prime Minister, as the Guardian notes that Labour members of parliament are still calling for Cameron to resign.