Must - A specific requirement in the Solicitor's Code of Conduct or legislation. You must comply, unless there specific exemptions or defences provided for in the code of conduct or relevant legislation.
Should - Good practice for most situations in the Law Society's view. If you do not follow this, you must be able to justify to oversight bodies why this is appropriate, either for your practice, or in the particular retainer.
May - A non-exhaustive list of options for meeting your obligations. Which option you choose is determined by the risk profile of the individual practice, client or retainer. You must be able to justify why this was an appropriate option to oversight bodies.
DOTAS - Disclosure of tax avoidance schemes
HMRC - Her Majesty's Revenue and Customs
IHT - Inheritance tax
Notifiable arrangement - An arrangement that enables or might be expected to enable someone to obtain a tax advantage, and where the main benefit, or one of the main benefits, that might be expected to arise from the arrangements is the obtaining of that advantage.
Notifiable Proposals - A proposal for arrangements that would be a notifiable arrangement if entered into.
SRN - Scheme reference number
The Law Society also provides a full glossary of other terms used throughout this practice note