Wimbledon’s MP has apologised for breaking parliamentary rules by failing to register a financial interest.

Stephen Hammond is listed as an Associate Director in Harwood Film Partnership, which was set up in 2005 - but failed to declare the interest to Parliament sparking accusations of tax avoidance.

While the MP has been cleared of any wrong doing regarding his taxes, the parliamentary commissioner for standards ruled that Mr Hammond was in violation of parliamentary rules and should have registered his investments with the film partnership to the Registrar.

In an email to the parliamentary commissioner, Mr Hammond said: "I accept the ruling that I was in breach of the rules as I failed to register the Holdings.

"I wish to apologise and assure the Committee that I shall ensure all future requirements are met."

Following the ruling, Mr Hammond said: "I am delighted that the accusations of tax avoidance by the Guardian have, as I always maintained, proved completely false.

"I am also pleased that that one of the complaints raised was immediately dismissed.

"The holding in question was a tax matter and these have always been previously declared non-discloseable.

"However the Registrar ruled that it should have been declared.

"The rectification procedure deals with minor matters of oversight and there is no inquiry."

He added: "I am happy to accept the Registrar’s ruling and have corrected the oversight."

The Code of Conduct for members of Parliament says: "It is a cardinal principle that Members are responsible for making a full disclosure of their own interests in the Register; and if they have relevant interests which do not fall clearly into one or other of the specified Categories [directorships, paid employment, clients, sponsorships, property, shareholding], they will nonetheless be expected to register them."

When questioned about his position at Harwood in October 2012, Mr Hammond said he was an investor in the scheme and not a director, depite being listed on Companies House as an "Associated Director without function".

He said he was advised to invest in the company by David Rangeley, a financial advisor who comments on internet forums under the username "rdrtaxwizrd".

Mr Hammond said he was assured the scheme was entirely legal and HMRC compliant.

He added he had never been renumerated by the Harwood Film Partnership.

Labour MP for Rochdale Simon Danczuk first wrote to the parliamentary commissioner for standards asking for an investigation into the matter in October last year.