Cameron’s dad gives him tax free 300 K pounds

Friday, December 31, 2010

LONDON - British Prime Minister David Cameron has been given 300,000 pounds tax free from his late father’s will.

Millionaire Cameron escaped paying inheritance duty on the windfall because it is below the 325,000-pound threshold and he is likely to pick up a further 750,000 pounds when mum Mary, 76, dies, The Mirror reports.

His dad, Ian, who died aged 77 in September while holidaying in France, left an estate worth just under 2.7 million pounds.

The father of four, a retired stockbroker, passed on a 1.2 million pound mews property in South Kensington, West London, to daughters Tania, 45, and Clare, 39, via a trust.ldest son Alex, 47, is a trustee and executor of the estate, received nothing. The rest of the estate goes to Cameron’s wife, Mary. As a widow she avoids paying the inheritance levy.

The will, lodged at the High Court last week, specifies that David and his two sisters get equal amounts, with their mother receiving whatever is left.

The Prime Minister, 44, was the only one of the four siblings to take cash from their father’s estate. Had it been significantly greater, he would have had to pay 40 percent tax on any excess above 325,000 pounds.

The threshold was raised to 300,000 pounds this year.ameron and his wife Samantha, 39, are believed to be jointly worth around three million pounds. (ANI)

Filed under: Politics

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