Panama Papers: HMRC boss Edward Troup was partner at law firm that represented Ian Cameron's offshore fund
In
a further embarrassment to the Tory government, it has emerged that the
new chief of HM Revenue and Customs (HMRC) was earlier a partner at a
law firm that represented several offshore companies including Blairmore
Holdings — the offshore fund set up by Prime Minister David Cameron's
father Ian Cameron. The HMRC is currently overseeing the tax, crime and
financial misconduct taskforce launched by the prime minister to
investigate the Mossack Fonseca leaks.
Edward Troup, the executive chairman of the HMRC, is thought to be a former partner at Simmons & Simmons, which acted for a number of offshore companies, according to the Guardian. The revelations will pose fresh challenges for David — who is already being battered by the leaks — when he faces the MPs later in the day.
Although it was found that Simmons & Simmons was advising Blairmore from as early as 2001, the newspaper said so far there is no direct connection between Troup and the offshore fund. The HMRC said Troup, who took over in April, has not personally dealt with the City law firm.
There have been no indications to directly suggest any wrongdoing on the part of Troup or Simmons & Simmons. Yet, the connections have put David in a difficult position to defend. Only on Sunday (10 April), he had released his personal tax records in a highly unorthodox move to clarify his financial affairs. Coinciding with that, the prime minister also announced over the weekend the setting up of a "world-class" taskforce comprising investigators from the National Crime Agency, Serious Fraud Office and the Financial Conduct Authority with an initial funding of £10m ($14m) to investigate revelations emerging from the Panama Papers.
Although Simmons & Simmons has not yet responded to the leaks, an HMRC spokesperson was quoted as saying by the Guardian: "He can confirm that he never had any dealings with Mossack Fonseca, was unaware of the company until recently, and that none of the individuals or organisations named so far were clients that he advised. Edward Troup's role in HMRC has never involved responsibility for operational activities or direct dealings with companies on their tax affairs."
It has been a difficult week for the prime minister, who had issued four statements on the Panama Papers before disclosing his personal tax details since the leaks surfaced naming his late father Ian.
Seizing the opportunity on the latest disclosures over Troup's links, Shadow Chancellor John McDonnell said: "This further highlights, why for any inquiry to have the full confidence of the British people, it must be truly independent in structure and process. It certainly should not be reporting to politicians whose party has been highly implicated in this scandal, with large donors directly involved in this matter."
Edward Troup, the executive chairman of the HMRC, is thought to be a former partner at Simmons & Simmons, which acted for a number of offshore companies, according to the Guardian. The revelations will pose fresh challenges for David — who is already being battered by the leaks — when he faces the MPs later in the day.
Although it was found that Simmons & Simmons was advising Blairmore from as early as 2001, the newspaper said so far there is no direct connection between Troup and the offshore fund. The HMRC said Troup, who took over in April, has not personally dealt with the City law firm.
There have been no indications to directly suggest any wrongdoing on the part of Troup or Simmons & Simmons. Yet, the connections have put David in a difficult position to defend. Only on Sunday (10 April), he had released his personal tax records in a highly unorthodox move to clarify his financial affairs. Coinciding with that, the prime minister also announced over the weekend the setting up of a "world-class" taskforce comprising investigators from the National Crime Agency, Serious Fraud Office and the Financial Conduct Authority with an initial funding of £10m ($14m) to investigate revelations emerging from the Panama Papers.
Although Simmons & Simmons has not yet responded to the leaks, an HMRC spokesperson was quoted as saying by the Guardian: "He can confirm that he never had any dealings with Mossack Fonseca, was unaware of the company until recently, and that none of the individuals or organisations named so far were clients that he advised. Edward Troup's role in HMRC has never involved responsibility for operational activities or direct dealings with companies on their tax affairs."
It has been a difficult week for the prime minister, who had issued four statements on the Panama Papers before disclosing his personal tax details since the leaks surfaced naming his late father Ian.
Seizing the opportunity on the latest disclosures over Troup's links, Shadow Chancellor John McDonnell said: "This further highlights, why for any inquiry to have the full confidence of the British people, it must be truly independent in structure and process. It certainly should not be reporting to politicians whose party has been highly implicated in this scandal, with large donors directly involved in this matter."
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