Company: NCNA
Filing Date: 2025-05-02
Form Type: F-1/A
Source: 0001193125-25-110310
Chunk: 103

Company: NuCana plc
Filing Date: 2025-05-02
Form: F-1/A
Chunk 103
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. Our understanding is that DTC has not made such an election.

Transfer on sale. The transfer on sale of ordinary shares by a written instrument of transfer will generally be liable to U.K.
stamp duty at the rate of 0.5% of the amount or value of the consideration for the transfer. The purchaser normally pays the stamp duty.

The transfer of ordinary shares within a depositary receipt system or clearance service should not be subject to stamp duty or SDRT, except
where a clearance service has made an election under section 97A(1) Finance Act 1986. Our understanding is that DTC has not made such an election.

An agreement to transfer ordinary shares outside a depositary receipt system or a clearance service will generally give rise to a liability on
the purchaser to SDRT at the rate of 0.5% of the amount or value of the consideration. Such SDRT is payable on the seventh day of the month following the month in which the charge arises, but where an instrument of transfer is executed and duly
stamped before the expiry of a period of six years beginning with the date of that agreement, (i) any SDRT that has not been paid ceases to be payable, and (ii) any SDRT that has been paid may be recovered from HMRC, generally with
interest.

Issue or Transfer of ADSs/ADRs

Based on current HMRC published practice, no U.K. stamp duty or SDRT should be payable on the issue or transfer of (including an unconditional
agreement to transfer) a depositary receipt and the ADS to which they relate, on the basis that a depositary receipt is not regarded as “stock” or a “marketable security” for U.K. stamp duty purposes and is not considered a
“chargeable security” for the purposes of SDRT.

Warrants/Pre-FundedWarrants

On the basis of HMRC’s published view on the stamp duty and SDRT implications of warrants (which includes HMRC’s view of
the decision in George Wimpey& Co Ltd v IRC), we would generally not expect the grant, transfer or exercise of the Warrants/Pre Funded Warrants to result in any liability for stamp duty or SDRT provided that, as set
out above, HMRC’s published practice continues to state that a depositary receipt and the ADS to which it relates, is not regarded as “stock” or a “marketable security” for U.K. stamp duty purposes and is