Welcome to the Financial Times Lexicon

Browse thousands of words and phrases selected by Financial Times editors and suggest new terms for the glossary.

 

Term of the day

follower notices

Follower notices can be issued by HM Revenue and Customs to taxpayers who have entered into a tax avoidance scheme, which has been the subject of litigation in relation to another taxpayer. A follower notice requires the taxpayer to settle the dispute with HM Revenue and Customs or amend their return, or face a penalty of up to 50% of the tax in dispute.