mutual trading
The situation in which the income of a company or unincorporated association (such as a members’ club) is solely contributions by its members, the members being the owners of the company or association. Many insurance companies and building societies were created as mutual societies and engaged in mutual trading. The “profits” of mutual trading are not subject to UK corporation tax as they are not profit but are more correctly regarded as a surplus of contributions. Cases: English and Scottish Joint Co-operative Wholesale Society Ltd v Assam Agricultural IT Comr [1948] UKPC 45; IRC v Eccentric Club Ltd [1925] UKHL TC 12; National Association of Local Government Office v Watkins (1934) 18 TC 499, 506 (Finlay J).

• deed of family arrangement
• deed of gift
• deed of variation
• deed poll
• deemed
• deemed domicile
• deep seabed area
• de facto
• de facto carers
• de facto director
• defamation
• default
• default notice
• default summons
• defeasance
• defect
• defective equipment
• defective premises
• defective products
• defectum sanguinis
• defence
• defence statement
• defendant
• deferred debt
• deferred sentence