Blairmore Holdings

In recent years, bearer shares have been abolished in many countries due to concerns that they could be used by criminals and tax evaders for money laundering and because they conceal the beneficial ownership of the company.

[4] From a UK tax standpoint, the move to Ireland did not stop the company being considered an "offshore fund", but it came under European regulatory rules.

[5]In response to his late father's inclusion on the firm's list of clients, David Cameron initially in 2016 said his family's taxes were "a private matter"[11] but later issued a statement saying that he, his wife and children receive no benefit from the company, Blairmore Holdings, which is still in operation and has assets of £35 million.

[13][14] Papers obtained by the Süddeutsche Zeitung and ICIJ reveal Simmons & Simmons' close relationship with running offshore companies and major overseas property owners, including an investment company run on behalf of Sheikh Hamad bin Abdullah Al Thani, while Troup was its senior tax partner.

[15] Prominent members of the Labour Party criticized the involvement of the Cameron family and Blairmore Holdings, Inc. in the Panama Papers leak.

Shadow Secretary of State for International Development Diane Abbott described the revelations as "the tip of the iceberg" and "a stitch up", and urged "meaningful reform" of the UK tax authority, HMRC,[16] while Shadow Chancellor of the Exchequer John McDonnell condemned the tax avoidance schemes as "immoral"[17] and described the allegations as "extremely serious", saying "HMRC should treat this with utmost priority and urgently launch investigation".

[19][20][21][22] Former Liberal Democrat Home Office Minister Norman Baker called for further investigation of David Cameron's activities.

[26] UKIP leader Nigel Farage however has said that most legal tax avoidance was "okay" after he was questioned on why £45,000 of his income was paid into his private company rather than a personal bank account, saying that criticism of his actions was "ridiculous".

[29] The BBC noted that "The Isle of Man [where Farage was keeping his income] was one of the UK's crown dependencies which signed an agreement on corporate disclosure at a recent meeting with David Cameron amid claims that individuals and firms are using offshore locations to reduce their tax liabilities", adding that the Isle of Man rejects any allegations that they are used for the purpose of tax avoidance.