Company: BDRX
Filing Date: 2025-12-11
Form Type: F-1/A
Source: 0001214659-25-017944
Chunk: 125

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-12-11
Form: F-1/A
Chunk 125
---
 capital raising instrument or exempt listing instrument or as applicable an exempt capital-raising
transfer or exempt listing transfer. If these conditions are not met in relation to such a transfer, a 1.5% charge may arise. Broadly
speaking, these legislative changes put on a statutory footing, following the United Kingdom's exit from European Union, the position
that previously applied in practice in light of case law of the Court of Justice of the European Union and United Kingdom tax tribunals
and HMRC published practice.

| 76 |

It is our understanding that
DTC has not to date made an election under section 97A(1) of the Finance Act 1986 to elect for SDRT to be chargeable in respect of transfers
within DTC. On that basis, paperless transfers within DTC should not attract a charge to SDRT.

Any liability for stamp duty or SDRT in respect of a transfer into a clearance service or depositary receipt system, or in respect of a transfer within such a service, which does arise, will strictly be accountable to HMRC by the clearance service or depositary receipt system operator or their nominee, as the case may be, but will, in practice, be payable by the participants in the clearance service or depositary receipt system.

Certain United States Taxation Considerations

The following discussion describes
the material United States federal income tax considerations to U.S. Holders (as defined below) under present law of the purchase, ownership
and disposition of the Depositary Shares, the Pre-Funded Warrants, and the Series L Warrants. This discussion is based on the
United States Internal Revenue Code of 1986, as amended, or the Code, for purposes of this discussion, in effect as of the date of this
prospectus and on United States Treasury Regulations in effect or, in some cases, proposed, as of the date of this prospectus, as well
as judicial and administrative interpretations thereof available on or before such date. All of the foregoing authorities are subject
to change, which change could apply retroactively and could affect the tax consequences described below.

This discussion applies only
to U.S. Holders that hold the Depositary Shares, the Pre-Funded Warrants, and the Series L Warrants as capital assets for United
States federal income tax purposes. It does not purport to be a comprehensive description of all tax considerations that may be relevant
to a decision to purchase the Depositary Shares, the Pre-Funded W