508Q. Qualification to section 508P for specified persons

(1) A specified individual shall not have received value from a company by virtue of section 508P(3)(b) where—

(a) the specified individual has made an investment in the company by way of a loan,

(b) the loan is converted into eligible shares within one year of the making of the loan, and

(c) the specified individual provides a statement by a statutory auditor, within the meaning of section 2 of the Companies Act 2014, certifying that, in his or her opinion, the money raised by the company by way of the loan was used, and only used, by it for a qualifying purpose.

(2) Where subsection (1) applies, the conversion of the loan into eligible shares shall, notwithstanding any other provision of this Part, be treated as the making of a relevant investment by the specified individual on the date of the making of the loan.