Company: NCNA
Filing Date: 2025-05-02
Form Type: F-1/A
Source: 0001193125-25-110310
Chunk: 102

Company: NuCana plc
Filing Date: 2025-05-02
Form: F-1/A
Chunk 102
---
 arising from a disposal of his or her Warrants/Pre-Funded Warrants and/or ADSs.

A corporate holder of Warrants/Pre-Funded Warrants and/or ADSs that is not a U.K. Holder will not be liable for U.K. corporation tax on chargeable gains realized on the disposal of its
Warrants/Pre-Funded Warrants and/or ADSs unless it carries on a trade in the United Kingdom through a permanent establishment to which the Warrants/Pre-Funded Warrants
and/or ADSs are attributable. In these circumstances, a disposal of Warrants/Pre-Funded Warrants and/or ADSs by such holder may give rise to a chargeable gain or an allowable loss for the purposes of U.K.
corporation tax.

Stamp Duty and Stamp Duty Reserve Tax

The statements below in relation to U.K. stamp duty and stamp duty reserve tax, or SDRT, apply irrespective of whether the relevant holder of Warrants/Pre-Funded Warrants and/or ADSs is resident in the United Kingdom.

Issue and Transfer of Ordinary Shares

Issue (including to a depositary or clearance service). No U.K. stamp duty is payable on the issue
of the ordinary shares.

There will be no SDRT payable on the issue of ordinary shares to a depositary receipt system or a clearance
service. We understand that HMRC recognizes DTC as a clearance service for United Kingdom stamp duty and SDRT purposes.

Transfer to a depositary or clearance service. Transfers of, and unconditional agreements to transfer, ordinary shares to, or to a nominee or agent for, a person whose business is or includes issuing depositary

67

receipts or the provision of clearance services, will generally be regarded by HMRC as subject to SDRT (and where the transfer is effected by a written instrument, stamp duty) at a rate of 1.5%
of the amount or value of the consideration or, in certain circumstances, the value of the ordinary shares transferred unless, (a) in the case of a clearance service, it has made an election under section 97A(1) Finance Act 1986, or
(b) such transfer is in the course of an exempt capital-raising arrangement or an exempt listing arrangement. Transfers of ordinary shares between depositary receipt systems and clearance services will generally be exempt from stamp duty and
SDRT unless, in the case of a clearance service, it has made an election under section 97A(1) Finance Act 1986