PM's tax planning is 'natural response' to heavy UK regulation, says IHT expert

Media coverage dismissed as a 'storm in a teacup'

The prime minister's tax planning has received a lot of press coverage in the past week but according to Paul Wilcox, chairman of Way Investment Services, his actions were a natural response to heavy UK regulation and his family's IHT arrangements a ‘typical' mitigation solution.

Wilcox explained that investment in offshore funds, such as Blairmore Holdings, are a "natural response" to heavy UK regulation rather than an attempt to avoid tax. Cameron's father helped set up the fund, which was based in Panama before it moved to Ireland in 2010, in 1982. Cameron and his wife Samantha had an investment in the fund in until they sold their stake for £30,000 in 2010. British investors in the funds were and are liable to pay income tax on the dividends received, and capital gains tax on profits when shares are sold. Wilcox said: "Offshore funds like Blairmore H...