David Cameron 'attempted to intervene' in EU moves for transparency over offshore trusts

David Cameron attempted to intervene to prevent EU attempts to reveal the beneficiaries of offshore trusts in 2013, the Financial Times has revealed.

In a letter to the then president of the European council the Prime Minister argued trusts should have special treatment under EU law.

Cameron wrote in 2013: “As we clamp down on the misuse of companies, we must take care not to displace illicit activity elsewhere".

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"Currently authorities are gaining access to more information than ever before on trusts, especially offshore trusts, through automatic tax information agreements being concluded by the UK and other EU countries," he wrote.

"I know some want Europe to go even further to prevent the abuse of trusts and related private legal agreements. It is clearly important we recognise the important differences between companies and trusts.

"This means that the solution for addressing the potential misuse of companies - such as central public registers - may well not be appropriate generally."

The revelation comes as the row over the so-called 'Panama Papers' row over the use of tax havens by wealthy individuals, including Mr Cameron's late father, rumbles on.

Ian Cameron's name was among millions of leaked documents from Panamanian law firm Mossack Fonseca, which is accused of helping its clients exploit secretive offshore tax regimes. The firm denies any wrongdoing.

The papers showed Ian Cameron had set up an investment fund in the Bahamas that paid no UK tax during its 30 years of operations.

Yesterday Downing Street issued a fourth statement clarifying Mr Cameron's own financial affairs.

A spokesman said: "There are no offshore funds/trusts which the Prime Minister, Mrs Cameron or their children will benefit from in future."