Nigel Farage admits offshore tax 'mistake'
21 June 2013 Last updated at 20:56 BST
UK Independence Party leader Nigel Farage said he "felt uncomfortable" about setting up a trust fund in the Isle of Man but insisted he did not avoid or evade tax.
The MEP told the BBC that he opened the fund in 2003 to reduce his family's inheritance tax bills but quickly realised that he had made an "error".
Such funds were no longer appropriate for politicians, he suggested.
The Conservatives said that Mr Farage had "questions to answer".
He told the BBC: "There was no intention to avoid or evade tax on my part in any way at all."