Company: BDRX
Filing Date: 2025-05-08
Form Type: POS AM
Source: 0001214659-25-007201
Chunk: 96

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-05-08
Form: POS AM
Chunk 96
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. Following these decisions HMRC has publicly confirmed that
issues or transfers of shares of United Kingdom incorporated companies, such as us, to a clearance service (such as, in our understanding,
DTC) or a depositary receipt system will not be charged to United Kingdom SDRT at 1.5% where that issue or transfer is an integral part
of a raising of new capital.

It was announced as part of the United Kingdom
Budget 2017 by the United Kingdom government that the 1.5% stamp duty and SDRT charge will not be enforced on the issue of shares by United
Kingdom incorporated companies (and transfers of such shares where the transfer is integral to new capital raising) into clearance services
and depositary receipt systems following Brexit. However, the United Kingdom government could potentially introduce new United Kingdom
legislation with the effect that a future issue or transfer of our Ordinary Shares into a clearance service or depositary receipt system
(even where such an issue or transfer is an integral part of the raising of new capital by the company) may potentially become chargeable
to 1.5% stamp duty or SDRT.

Where an ordinary share is transferred (i)
to, or to a nominee for, a person whose business is or includes the provision of clearance services or (ii) to, or to a nominee for a
person whose business is or includes issuing depositary receipts and that transfer is not integral to the raising of new capital by the
company, stamp duty or SDRT would generally be chargeable at the rate of 1.5% of the amount or value of the consideration given or, in
certain circumstances, the value of the shares.

There is an exception from the 1.5% charge
on the transfer to, or to a nominee, a clearance service where the clearance service has made and maintained an election under section
97A(1) of the Finance Act 1986, which has been approved by HMRC. If such an election were made by a clearance service, SDRT at the rate
of 0.5% of the amount or value of the consideration payable for the transfer would arise on any transfer of an ordinary share into such
a clearance service and on subsequent agreements to transfer such share within such clearance service. It is our understanding that DTC
has not to date made an election under section 97A(1) of the Finance Act of 1986.

Any liability for stamp duty or SDRT in respect of a transfer