The Prime Minister yesterday finally came clean about his own tax affairs, admitting that he had profited from an offshore trust set up by his late father.

But Political Scrapbook has also found that Cameron did not declare the income he received from selling those shares, potentially misleading the House of Commons.

Cameron revealed that he sold shares in just before he became Prime Minister in 2010 and had paid all UK taxes due on profits from the £30,000 sale.

We went through Cameron’s Register of Members’ Interests and found no entry for Blairmore Holdings.

We also found no entry for income earned from selling shares listed, in all of 2010.

The House of Commons website clearly states: The main purpose of the Register is to provide information about any financial interest which a Member has, or any benefit which he or she receives, which others might reasonably consider to influence his or her actions or words as a Member of Parliament. It would be reasonable to say that benefitting from an offshore trust may influence Cameron’s view on whether such trusts should be tightly regulated or not.

Update: Some have argued that MPs are only required to declare holdings above £ 70,000, but this isn’t the full story.

The ‘requirements for Regstrations‘ also states (Category 8):

a) Any relevant financial interest or material benefit which does not clearly fall into one of the other categories, including any shareholding which falls below the relevant threshold, or any other financial asset, including an asset held in trust, if the Member nevertheless considers that it meets the test of relevance; in other words, that it might reasonably be thought by others to influence his or her actions or words as a Member; and

b) Any other interest, if the Member considers that it might reasonably be thought by others to influence his or her actions or words as a Member in the same way as a financial interest. This might include an unpaid employment or directorship, or directorship of a company not currently trading, non-practising membership of a profession, or a fund established to defray legal costs arising out of the Member’s work, but from which no benefit has yet been received.