Some opposition MP's have called on the Conservative leader to resign
The British Prime Minister's admission that he had profited from shares held in the fund came after days of differing statements and clarifications, raising questions over why it took him so long to make his position clear.
Here is how it unfolded:
Monday - When asked if the family still held cash in offshore funds, a spokesman for number 10 said: "That is a private matter."
Tuesday AM - In response to a question from Sky News on his financial affairs, the PM said: "I have no shares, no offshore trusts, no offshore funds, nothing like that. And, so that, I think, is a very clear description."
Tuesday PM - Later that afternoon, Downing Street said in a statement: "To be clear, the Prime Minister, his wife and their children do not benefit from any offshore funds."
Wednesday - A spokesperson for Downing Street offered a further clarification and said: "There are no offshore funds/trusts which the Prime Minister, Mrs Cameron or their children will benefit from in future."
Thursday evening - The Prime Minister admits he profited from shares held in an offshore fund set up by his late father but insisted it was "subject to all the UK taxes in the normal ways."
David Cameron's admission that he owned, sold and made a profit on shares held in a controversial fund before he became British Prime Minister has prompted a Labour MP to call for him to resign.
Labour MP and Treasury Select Committee member John Mann - who has been a high-profile campaigner for more tax transparency - suggested Mr Cameron "has no choice but to resign" and called him a "hypocrite."
The Labour Party's deputy leader Tom Watson said the PM may need to quit and has more questions to answer.
He told Sky News: "He has to be fully transparent. It's no good just saying he's going to publish his tax returns because that won't show what his investment portfolio was and we need to know that now."
Mr Watson added: "He's condemned other people in public life for being morally wrong whilst knowing he's had investments in these kinds of schemes himself and that shows double standards and people don't like that."
Mr Cameron last night admitted for the first time he held shares in the fund set up by his late father.