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HMRC internal manual

Corporate Finance Manual

Derivative contracts: special kinds of company: mutual trading companies

Mutual trading companies

For the purposes of the derivative contracts rules under CTA09/PART7, activities carried on by a company in the course of any mutual trading are treated as not constituting the whole or any part of a trade (CTA09/S633). It follows that any credits and debits arising to such a company will not be treated as arising from trading loan relationships and therefore will not be brought into account under Part 3 but they will, by virtue of CTA09/S574 be brought into account under Part 5 as non-trading credits and debits.

Otherwise the provisions of CTA09/PART7 apply to mutual trading companies as they do to other companies.