Calls for David Cameron to resign as he admits he owned shares in father's offshore trust

David Cameron is facing calls to resign after admitting owning shares in his father's Panamanian trust

REUTERS/Dan Kitwood/Pool

David Cameron is facing calls to resign after admitting he owned shares in his father's Panamanian trust with his wife Samantha, and selling them in 2010 for around £30,000. Cameron owned about 5,000 units in the Blairmore Investment Trust but insists they were above board. He also defended his father, saying criticism of him was unfair. However Labour MP John Mann called on the prime minister to quit.

In his interview with ITV News political editor Robert Peston, Cameron said it had been a "difficult few days" as his father was subjected to criticism and he was attacked for his wealth. Downing Street has had to issue five statements on Cameron's financial arrangements since the Panama Papers were leaked five days ago. A Number 10 spokesman now says he will publish his tax returns as soon as possible.

"We owned 5,000 units in Blairmore Investment Trust, which we sold in January 2010,"

Cameron told Peston. "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."

However Labour has launched a series of ferocious attacks on the Prime Minister, with leader Jeremy Corbyn saying the Revenue and Customs should conduct an investigation into Cameron's arrangements.

Labour MP Jess Phillips wrote: "The sins of Daddy Cameron were not illegal but they are utterly disgusting. They are worse than the sins of fathers up and down the country who can't find work, even the most feckless amongst them."

Fellow MP John Mann went further. Labelling Cameron a hypocrite he tweeted: "Cameron has been less than honest. He should resign immediately. Most decent people would expect nothing less. "Cameron has had six years to be honest with Parliament and the people. He failed to do so. Get out now hypocrite."