Problem solved. Yesterday night, before starting taking hoses apart to change the camshaft sensor, I decided to take a second look at the wiring loom from the VVT solenoid and found this.
Disconnected the battery (to delete the code), cut the wire and re-soldered them. I let the engine run for some good 20 minutes, reved it up a couple of times and engine light did not come out. Passed the MOT this morning with no issues.
Could have saved some head scratching if I checked the wiring better the first time, but I'm quite happy I did not need to change the CMP.
Thank you all for your help.
PD: Could a moderator edit the title of the thread as "Solved" and include a link to this message in the first message to indicate the solution?