Many call for Britain Prime Minister David Cameron, resignation after confessing he DID profit from £30,000 stake in his late father's offshore fund

David Cameron  admitted he used to own £30,000 worth of shares of his father's firm but sold them before entering Downing Street, And now facing a sleaze investigation. The Prime Minister has been reported to the Parliamentary Standards Commissioner over allegations that he should have declared the shareholding. After days of failing to kill off questions, Mr Cameron dramatically confessed last night that he had profited from the Bahamas-based company.

He also conceded that some of the £300,000 left to him by Ian Cameron may have come from funds kept offshore.

Labour MPs insisted Mr Cameron should consider his position, accusing him of being 'less than honest' and 'speaking out of both sides of his mouth'. 

Backbencher John Mann called for Mr Cameron to 'resign immediately' and said he had referred the issue to commissioner Kathryn Hudson.

'No interpretation of his actions could conclude that he has acted in an 'open and frank' way, in line with the Code of Conduct for MPs,' he said.

'It is only now, with the Panama revelations, that David Cameron has been forced to admit that he did not register his financial interests.'

'This is a matter of transparency and integrity. David Cameron has shown neither of these qualities and should resign as Prime Minister.'

Downing Street made clear the Prime Minister believed he had declared everything in accordance with rules.  

Sent out to defend the premier in a round of interviews earlier, business minister Nick Boles claimed his 'natural human reaction' had been to avoid sullying his father's reputation.

But he said 'with the benefit of hindsight' Mr Cameron should have confessed to the previous interest in the Blairmore investment fund. 

 In an bombshell TV interview last night, Mr Cameron said he and his wife Samantha had jointly held a stake in his father's investment fund, Blairmore, which was registered in Panama and operated out of the Bahamas.

He said they had sold the shares in January 2010 – four months before he became Prime Minister – for £31,500, pocketing a tax-free profit of just over £19,000 on the deal. 

He also pledged to release his personal tax return in an attempt to limit the damage from his revelation.