The City watchdog’s new most senior lawyer was involved in a celebrity tax avoidance scheme that cost the taxpayer £52m, The Sunday Telegraph can reveal.
David Anthony Scott, appointed last week as the Financial Conduct Authority (FCA)’s interim general counsel, is named in Companies House filings among hundreds of people who backed a 2011 tax incentive scheme involving empty data centres in Tyneside.
HM Revenue & Customs officials began clawing back the £52m “tax profit” in 2016, but a High Court ruling in 2019 then ruled in favour of the investors. The scheme was legal and there was no suggestion of wrongdoing by anyone who invested in the centres, which were intended to foster economic growth in the area by offering investors a generous tax allowance.
Someone who obeys the law sounds like a useful fort of person to have in that job, no?