BIM24690 | Meaning of trade: mutual trading and members clubs: mutual associations: specific activities: mutual health insurers: two interrelated questions

You need to consider two interrelated questions:

• whether the mutual health insurer is carrying on a trade, and

• if the mutual health insurer is trading, the extent to which that trade is mutual trading.

The absence of a profit-seeking motive does not preclude a finding of trading - see BIM24045.