After days of pressure, David Cameron has said he and his wife Samantha owned shares in an offshore fund set up by his late father, before selling them for £30,000 in 2010.

"There are millions of people in the UK who have invested in similar funds," said James Quarmby, a specialist in tax planning and wealth structuring at Stephenson Harwood.

Mr Quarby also challenged the use of the word trust, rather than fund:

"Can you do me a big favour and not ever use the term offshore trust again in relation to this investment," he said to John Humphrys.

(Image: David Cameron. Credit: Reuters)