Cameron's Legacy: Lifted by Slavery & Shaped by Aggressive Tax Avoidance

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An Interior View of a Jamaica House of Correction in a scene from the Apprenticeship Period (1834-38) Courtesy: National Library of Jamaica

By Ann-Marie de Veer
Saturday 3 October 2015

On 21 April 2012 the primary source of the financial fortune accumulated by the Cameron clan eventually became common knowledge: Ian Cameron, David Cameron's father, was exposed as one of the senior directors of Blairmore Holdings Inc., a Panamanian investment company created on 12 April 1982 to specifically exploit the fiscal regulatory loopholes, in particular the relaxation of capital controls, that had been engineered in the UK by the Thatcher regime in 1979. Ian Cameron was known to be instrumental in the formation of Blairmore Holdings Inc. and was also involved in Blairmore Asset Management, a short-lived investment fund based in Geneva, Switzerland as well as Close International Equity Growth Fund Ltd., an investment fund based in Jersey, a UK Crown Dependency, amongst many others.

All three locations, Panama, Geneva and Jersey are, and were at the time, known to be tax havens that continue to provide financial services to those who wish to engage in what is euphemistically known as tax minimisation plans, aka. aggressive tax avoidance schemes.

What is less well known is that Blairmore Holdings Inc. transferred its assets on the 5 July 2012 to Smith & Williamson Blairmore Global Equity, an Undertakings for Collective Investment in Transferable Securities (UCITS) company based in Ireland. Éire, in modern Irish vernacular, is both a member of the European Union and the Eurozone and is renowned for its very low rates of corporate tax and widely acknowledged, akin to Luxembourg, as a European based tax haven that facilitates aggressive tax avoidance schemes, tax evasion and money laundering operations.

The Aggressive Tax Avoidance Plans of the Cameron Clan

When Ian Cameron died on 8 September 2010 and his GB £2.74 million onshore estate was disbursed among his clan: Mary Cameron, his wife, inherited his personal chattels, David Cameron was gifted GB £300,000 in cash, just below the inheritance tax threshold of GB £325,000 at that time, whilst the other children, Clare, Tania and Alexander received bequests of similar value. The remaining bulk of the estate, including Ian Cameron's offshore shares in Smith & Williamson Blairmore Global Equity, Close International Equity Growth Fund Ltd. and others, was then wrapped up into an 80-year Trust Fund: Trust Funds are routinely used by the Grantor (Ian Cameron) as tool to avoid the payment of inheritance tax by the Beneficiary (Mary, Alexander, Tania, David & Clare) of an estate upon the death of the asset holder. Trusts invariably provide dividends, interest or rent, i.e. an income, to its beneficiaries.

Thus, the Cameron clan are sitting on an accumulated fortune of over GB £32 million almost completely free of any form of meaningful form of taxation, except for peppercorn payments to the UK tax authorities for income taken from the Cameron Trust.

The Cameron Clan Were Lifted and Profited From Slavery

One of the forebears of the Cameron clan, James Duff, the eldest of three illegitimate offspring from a liaison between James Duff 2nd Earl Fife and Margaret Adam, a maid to his mother, is known to have kept slaves. When slavery was finally abolished in 1833 the illegitimate James Duff was awarded GB £4,101 in compensation by the Grenville regime in the UK for 202 slaves, equivalent to more than GB £3.2 million in 2015. Similarly, David Cameron's spouse, namely Samantha Sheffield, also hails from a family that have profited from slavery: William Jolliffe, a collateral ancestor of Sheffield, was awarded GB £4,174 in compensation for 164 slaves, equivalent to more than GB £3.3 million in 2015.

Of course, it is worth noting that the compensation paid to the forebears of David Cameron and Samantha Sheffield was borne by the public purse, i.e. UK taxpayers in the early 19th Century funded the claims of more than 3,000 slave owners which totalled in excess of GB £20 million, equivalent to more than GB £16.5 billion in 2015.

The truth is, most of the old money that is is still in circulation today in the UK is derived from the subjugation and enslavement of millions of people throughout the reign of the former British Empire. That the Cameron's are continuing this tradition by ensuring that the majority of the general public in the UK continue to pay their taxes, i.e. the fiscal enslavement of the masses, whilst they, and others who are similarly privileged, adopt aggressive tax avoidance policies to further enrich themselves, is both morally indefensible and utterly repugnant.

The likelihood of the Cameron clan issuing a formal apology for the sins of their forebears and repaying the compensation their collateral ancestors received from the UK public purse is nil. Similarly, it is equally inconceivable they would ever withdraw from the Cameron Trust Fund, which is simply an aggressive tax avoidance scheme, and then go on to pledge that they would never use this type of financial instrument ever again.

In other words, if there is no benefit in it, it will never happen.

Excess of liberty, whether it lies in state or individuals, seems only to pass into excess of slavery.