Company: NCNA
Filing Date: 2025-05-02
Form Type: F-1/A
Source: 0001193125-25-110310
Chunk: 99

Company: NuCana plc
Filing Date: 2025-05-02
Form: F-1/A
Chunk 99
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corporation tax (a “U.K. Corporate Holder”) may be entitled to exemption from U.K. corporation tax in respect of dividend payments. If the conditions for the exemption are not satisfied, or such U.K. Corporate Holder elects for an
otherwise exempt dividend to be taxable, United Kingdom corporation tax will be chargeable on the amount of any dividends. The main rate of United Kingdom corporation tax for the 2025/2026 corporation tax year is 25% for U.K. corporations (or
corporate groups) with annual profits of £250,000 or higher. If potential investors are in any doubt as to their position, they should consult their own professional advisers.

A corporate holder of ADSs that is not a U.K. Holder will not be subject to U.K. corporation tax on dividends received from the company,
unless it carries on a trade in the United Kingdom through a permanent establishment to which the ADSs are attributable. In these circumstances, such holder may, depending on its individual circumstances and if the exemption from U.K. corporation
tax discussed above does not apply, be chargeable to U.K. corporation tax on dividends received from the company.

Taxation of Disposals

U.K. Corporate Holders

For U.K. Corporate Holders of Warrants/Pre-Funded Warrants, the precise U.K. corporation tax treatment
of the Warrants/Pre-Funded Warrants is dependent on the accounting treatment applied to the Warrants/Pre-Funded Warrants and the extent to which the Warrants/Pre-Funded Warrants are considered to constitute derivative contracts for U.K. tax purposes. U.K. Corporate Holders of Warrants/Pre-Funded Warrants who consider that
any of the Warrants/Pre-Funded Warrants may constitute derivative contracts for U.K. tax purposes should consult with their tax advisors and accountants as to the tax implications of such treatment.

Where a Warrant/Pre-Funded Warrant does not constitute a derivative contract for U.K. tax purposes,
then (depending on the circumstances) neither the grant nor the exercise of a Warrant/Pre-Funded Warrant should generally give rise to a U.K. chargeable gains/capital gains tax charge, and the U.K. Corporate
Holder’s base cost in the Warrants/Pre-Funded Warrants, or (following exercise) the asset which was the subject of the Warrants/Pre-Funded Warrants (the relevant
ADSs) will take into account,