Company: BDRX
Filing Date: 2025-05-12
Form Type: 424B3
Source: 0001214659-25-007340
Chunk: 102

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-05-12
Form: 424B3
Chunk 102
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 pay a dividend, or were a PFIC in the preceding taxable year. As indicated in the section titled “Dividend Policy” herein, we intend to retain any earnings for use in our business and do not currently intend to pay dividends on our
Ordinary Shares.

Subject to the paragraph below, dividends generally
will constitute income from sources outside the United States, which may be relevant in calculating a U.S. Holder’s foreign tax
credit limitation. For this purpose, dividends that we distribute generally should constitute “passive category income,” or,
in the case of certain U.S. Holders, “general category income.” Dividend payments may be made without withholding or deduction
for or on account of United Kingdom tax.

Notwithstanding the paragraph
above, if 50% or more of the Depositary Shares are treated as held by United States persons, we will be treated as a “U.S.-owned
foreign corporation.” In that case, dividends may be treated for United States. foreign tax credit purposes as income from sources
outside the United States to the extent paid out of our non-United States source earnings and profits, and as income from sources
within the United States to the extent paid out of our United States source earnings and profits. There can be no assurance that we will
not be treated as a United States-owned foreign corporation. If the dividends are taxed at the lower tax rates generally applicable to
long-term capital gains (as discussed above), the amount of the dividend taken into account for purposes of calculating the United States
foreign tax credit limitation will generally be limited to the gross amount of the dividend, multiplied by the preferential rate divided
by the highest rate of tax normally applicable to dividends. The rules relating to the determination of the foreign tax credit are complex,
and U.S. Holders are urged to consult their tax advisors to determine whether and to what extent such U.S. Holder will be entitled to
a foreign tax credit.

Taxation of Dispositions of Depositary Shares. Subject to the discussion above under “—Passive Foreign Investment Company Considerations”,
a U.S. Holder will recognize taxable gain or loss on any sale, exchange or other taxable disposition of a Depositary Share equal to the
difference between the amount realized (the amount of cash (in U.S. dollars) plus the fair market value of any property received) for
the Depositary Share and such U.S. Holder’s tax basis (in U.S. dollars) in the Depositary Share. The gain or loss will