Company: BDRX
Filing Date: 2025-12-08
Form Type: F-1/A
Source: 0001214659-25-017719
Chunk: 132

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-12-08
Form: F-1/A
Chunk 132
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 stamp duty and SDRT treatment of such transactions in relation to such systems is discussed in the paragraphs under “Depositary Receipt Systems and Clearance Services” below.

General

An agreement to transfer an
Ordinary Share will normally give rise to a charge to SDRT at the rate of 0.5% of the amount or value of the consideration payable for
the transfer. SDRT is, in general, payable by the purchaser.

Subject to an exemption for
certain low value transactions properly certified as being for consideration of less than £1,000, an instrument transferring an
Ordinary Share would be subject to stamp duty at the rate of 0.5% of the consideration given for the transfer (rounded up to the next
£5). The purchaser is liable to HMRC for the payment of the stamp duty (if any). Under current HMRC guidance, no stamp duty should
be payable on a written instrument transferring a Depositary Share or on a written agreement to transfer a Depositary Share, on the basis
that the Depositary Share is not regarded as either “stock” or a “marketable security” for United Kingdom stamp
duty purposes.

If a duly stamped transfer
completing an agreement to transfer is produced within six years of the date on which the agreement is made (or, if the agreement is conditional,
the date on which the agreement becomes unconditional) any SDRT already paid is generally repayable, normally with interest, and any SDRT
charge yet to be paid is canceled to avoid a double charge as the stamp duty has been paid.

No SDRT or stamp duty is chargeable
in respect of shares that are admitted to trading on a “recognized growth market” and not listed on any “recognized
stock exchange,” or the AIM Exemption. Following the cancellation of admission of the Ordinary Shares on AIM, the AIM Exemption
no longer applies.

Depositary Receipt Systems and Clearance Services

Legislative changes with effect
from January 1, 2024 have made clear that an issue of Ordinary Shares to a clearance service (such as, in our understanding, DTC) or a
depositary receipt system will not attract a 1.5% stamp duty or SDRT charge. Similarly, transfers or agreements to transfer shares to
(or to a nominee for) a clearance service or depositary receipt system should not attract a 1.5% stamp duty or SDRT charge provided the
conditions to be treated as an exempt capital raising instrument or exempt listing instrument or