He also said his father left him £300,000, adding: “I obviously can’t point to every source of every bit of the money”.
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The fund, which was set up in 1982 by the late Ian Cameron, a stockbroker, never paid United Kingdom tax and was based in Panama until it was moved to Ireland in 2012.
The PM said the pair’s profit was “subject to all the United Kingdom taxes in the normal ways” and it was just below the threshold at which capital gains tax would have applied.
The Justice Department announced earlier this week it was conducting it’s own probe into the leaks, which include 11.5 million records from Mossack Fonseca, a Panama-based law firm that, according to Vox, specializes in setting up secretive shell companies.
On Wednesday a spokesman for Cameron said: “There are no offshore funds or trusts which the prime minister, Mrs Cameron or their children will benefit from in future”.
He added: “I can therefore confirm that I don’t own any off-shore company, or any foreign account, and above all, I have done nothing wrong”.
But his failure to say whether he or his family would benefit in future only intensified media speculation, with the story splashed across many newspaper front pages on Wednesday.
Cameron said the fund was properly audited every year and reported to the United Kingdom tax authorities.
“I think there are still questions about whether or not he benefited in the past”, he told BBC Radio 4’s Today programme.
He said: “The public will understandably now find it hard to trust the Prime Minister”.
The Prime Minister insisted the family declared all annual dividends they received from the investment, and paid full income tax on any returns, the report said.
Putin said his longtime friend, cellist Sergei Roldugin, who figured in the Panama Papers as the owner of $2 billion in offshore assets, has done nothing wrong.
The Prime Minister has still not said whether his mother, Mary, is the beneficiary of an offshore trust and whether his family could in time profit from this.
“I think where David Cameron made a rod for his own back yesterday was issuing quite a qualified statement that then led people to think “is he being shady about this, is he being evasive, are there further questions to ask”.
“And I’ve got nothing to hide in my arrangements and I’m very happy to answer questions about it”.
He told ITV that he remained relaxed that it should be the norm for prime ministers – and leaders of the opposition – to have their status opened to scrutiny.
The Smith & Williamson Blairmore Global Equity fund, founded by David Cameron’s father Ian, has been thrown into the spotlight after the release of the Panama Papers.
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Labour MP Wes Streeting, a member of the Commons Treasury Select Committee, welcomed the “clarification” but said Mr Cameron must clarify whether he has previously benefited from any off-shore funds.
