The treasurer of the new Change UK party has admitted taking part in a notorious tax avoidance scheme described as an “affront” by a Tory minister. Neil Davidson, a wealthy businessman who is also the partner of Anna Soubry, the Change UK MP and former Tory, told The Sunday Times that he had repaid substantial sums to the authorities. Davidson was among hundreds of rich investors, including the football managers Sir Alex Ferguson and Sven-Goran Eriksson, who took part in Eclipse film partnerships — tax avoidance schemes set up by Future Capital Partners. The schemes sought to save members hundreds of millions of pounds through a series of artificial transactions designed to generate tax relief. They have been shut down by HMRC, which described them…

Source: The Times April 20, 2019 23:00 UTC