Tag: Trust Fund
Ah…….that heady aroma of a media-generated mélange of schadenfreude and disinformation!
Ian Cameron’s FUND, Blairmore Holdings was never a “Trust”. It was a Hedge Fund which invested in no more than the sort of equities etc that one finds in any other fund.
Cameron Junior and his unfortunate wife, Sam may well have invested in the old man’s business – probably because the fund was generating very high returns.
One of the factors to be taken into consideration when investing is the tax regime. Here in the UK, for instance, the Exchequer helps itself to Stamp Duty when you invest …………and then, if you are domiciled in the UK, it helps itself to some more by way of Capital Gains Tax .
THAT is why is is often preferable to invest where you do not get screwed at both ends of a transaction.
Very often, an investment choice is driven by prudence rather than naughtiness.
I DO wish that some journos would do their f****** homework! Especially the No 10 Press Office.
On the other hand, one can forgive the ignorance of MPs – because that is what they do!
For instance, did you hear Minister of State for Small Business, Industry and Enterprise, Anna Soubry on PMQs last night? Talk about being promoted to above your level of incompetence!
Cameron must be so proud!
Cameron’s offshore shenanigans
Apparently, David Cameron was probably the only rich kid for whom a Trust Fund was never set up. A startling omission by his father because it would have been the most efficient way to put cash or any other type of asset away with junior as the beneficiary. A Trust has ‘trustees’ who usually exercise their discretion in how much is paid to the beneficiary and when it is paid. Trusts are not only useful for passing down assets to the next generation but also keep assets out of a settlor’s estate, thus reducing any Inheritance Tax liability. It is therefore VERY surprising that Cameron Snr did not think of that!
However, it is nevertheless always a good idea to listen very carefully to the words written for any Cameron statement. For instance, the latest denial issued by Downing Street contains the following sentence:
“There are no offshore trusts or funds that the Prime Minister or his immediate family would benefit from in future“
One can only assume that the trustees have exercised their discretion very recently as well as very suddenly…….unless of course Cameron Snr indeed did not follow his own advice!