|Present, Future, Past...|
Now he has been compelled to admit that he did hold shares in Blairmore Holdings, a company blatantly but secretly set up to allow tax evasion. He admitted that he sold them in 2010.
Blairmore Holdings, currently worth £25 million, was set up by Cameron's father. Shareholders were issued with 'bearer bonds' - certificates that were the only method of recording who owned shares - no register, no other records.
So if you had the certificate you were the only one who could ever show or claim a shareholding - very convenient if you forgot to tell the tax man - no one else could. Until that is the Panama Papers leak, where correspondence from the law firm Mossack Fonseca happened to reveal it.