Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Options definition

What does Options mean? In legal practice, an option is a contractual right, not an obligation, to buy (a call) or sell (a put) an identified underlying (for example shares, commodities or currency) at an agreed strike price either on the expiry date (European-style) or at any time up to expiry (American-style). The holder pays an option premium for this right; key terms include the underlying and quantity, strike, expiry and the settlement method (physical delivery or cash settlement). Options are used to hedge risk, obtain price protection or leverage exposure, and are fundamental in derivatives, corporate finance and remuneration structures. The term is...

First-tier Tax Tribunal decisions: corrections, set-aside for procedural irregularity or non-attendance, permission to appeal to the Upper Tribunal, costs, and paying or recovering tax

Published by a LexisNexis Tax expert

Practice notes

This Practice Note

Prepared by Anne Redston, Barrister. It reflects her personal view; she is not authorised to speak for the Tribunals Service or the judiciary. This note explains what happens after your Client receives a First-tier Tax Tribunal (FTT) decision Notice. It covers:

your Options if you are dissatisfied with the decision, including:
- textual corrections to the decision
- asking for the decision to be Set aside
- seeking permission to appeal to the Upper Tribunal (UT)
when a taxpayer is likely to obtain permission to appeal
the costs consequences of pursuing further litigation

Before proceeding, read Practice Note: Appealing an HMRC decision. This and the other Practice Notes on appeals to the FTT provide only a summary and will not cover every circumstance. You may need additional advice regarding your client’s appeal. This Practice Note does not address judicial review in tax cases. For more detail, see Practice Notes:

Judicial review in tax cases at the High Court
Judicial review in tax cases at the Upper Tribunal...

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Anne Redston

Anne Redston is consultant editor of Tolley’s Yellow Tax Handbook and a judge of the Upper Tribunal (Tax and Chancery Chamber) and of the First-tier Tribunal sitting in the Tax and Social Entitlement Chambers. Her contributions to TolleyGuidance and LexisPSL Tax are her personal view as she is not authorised to write on behalf of the Tribunals Service or the judiciary. Anne was until 2021 a tenant at Temple Tax Chambers from where she practised as a barrister, advising on a wide range of tax issues including employment and personal tax, VAT, social security and customs duties. As well as being a barrister, she is a Chartered Accountant and Chartered Tax Adviser, and a Fellow of both Institutes....

Web page updated on 21/05/2026

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