778Certain payments treated as interestU.K.
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(1)This section applies if a loan or credit transaction provides for a payment which is not interest but is—
(a)an annuity or other annual payment falling within Part 5 of ITTOIA 2005 and chargeable to income tax otherwise than as relevant foreign income, or
(b)an annuity or other annual payment which is from a source in the United Kingdom and chargeable to corporation tax under Chapter 5 of Part 10 of CTA 2009 (distributions from unauthorised unit trusts) or Chapter 7 of that Part (annual payments not otherwise charged).
(2)The payment must be treated for the purposes of the Corporation Tax Acts as if it were a payment of interest.