Company: IMCR
Filing Date: 2025-03-17
Form Type: 424B7
Source: 0001140361-25-008917
Chunk: 103

Company: Immunocore Holdings plc
Filing Date: 2025-03-17
Form: 424B7
Chunk 103
---
 The amount of gain or loss a U.S. Holder will recognize on the receipt of cash in lieu of a fractional ADS will be equal to the difference between the amount of cash the U.S. Holder receives in respect of the fractional ADS and the portion of the U.S. Holder’s adjusted tax basis in the note that is allocable to the fractional ADS. Subject to the market discount rules discussed above under “—Market Discount,” any such gain or loss generally would be capital gain or loss, and would be long-term capital gain or loss if, at the time of the conversion, the note has been held for more than one year. The tax basis of ADSs received upon a conversion will equal the adjusted tax basis of the note that was converted (excluding the portion of the adjusted tax basis that is allocable to any fractional ADS or ADSs received with respect to accrued interest). The U.S. Holder’s holding period for ADSs will include the period during which the U.S. Holder held the notes. The value of ADSs received with respect to accrued interest will be taxed as interest income, and a U.S. Holder’s tax basis in such ADSs will be equal to the amount of such interest income, and their holding period will begin on the day after receipt.

In certain circumstances, as described in “Description of Notes—Conversion Rights—Conversion Share Limitations,” a U.S. Holder may receive cash instead of ADSs that exceed our allotment share cap. The U.S. federal income tax treatment of the conversion of a note into a combination of cash and ADSs is uncertain. It is possible that the cash payment may be treated as proceeds from the sale of a portion of the note, taxable in the manner described above under “—Sale, Exchange, Redemption or Other Taxable Disposition of notes,” and the ADSs received on such a conversion may be treated as received on conversion of the other portion of the note, as described in the immediately preceding paragraph. There are other possible U.S. federal income tax characterizations of such a conversion, including a recapitalization in which cash is paid (in which gain, but not loss, generally would be recognized). U.S. Holders should consult their own tax advisors regarding the U.S. tax consequences in this particular circumstance.

<div align='center'>S-58</div>

#### TABLE OF CONTENTS
**Possible Effect of Change in Conversion Consideration**

In certain situations (including as described above under “Description of Notes—Conversion Rights—Recapitalizations,