Taxes Consolidation Act, 1997 (Number 39 of 1997)
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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.
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(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.
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(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 conversion of the loan into eligible shares provided that the business plan (within the meaning of section 493) on which the relevant investment is based was prepared in advance of the loan.
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