Introduction Overview Overview Section 778: Certain payments treated as interest
2354.This section deems annual payments under loan or credit transactions to be interest. It is based on section 786(3) and (3A) of ICTA.
2355.For corporation tax purposes, the word “annual” adds nothing to the sense of “annual interest” in section 786(3) of ICTA. It is therefore not rewritten in subsection (2).