Company: BDRX
Filing Date: 2025-05-08
Form Type: POS AM
Source: 0001214659-25-007201
Chunk: 95

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-05-08
Form: POS AM
Chunk 95
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 the agreement to transfer, an ordinary
share outside a depositary receipt system or a clearance service is discussed in the paragraphs under “General” below.
The stamp duty and SDRT treatment of such transactions in relation to such systems is discussed in the paragraphs under “Depositary Receipt Systems and Clearance Services” below.

General

An agreement to transfer an ordinary share
will normally give rise to a charge to SDRT at the rate of 0.5% of the amount or value of the consideration payable for the transfer.
SDRT is, in general, payable by the purchaser.

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The transfer of an Ordinary Share would
be subject to stamp duty at the rate of 0.5% of the consideration given for the transfer (rounded up to the next £5). The purchaser
is liable to HMRC for the payment of the stamp duty (if any). Under current HMRC guidance, no stamp duty should be payable on a written
instrument transferring a Depositary Share or on a written agreement to transfer a Depositary Share, on the basis that the Depositary
Share is not regarded as either “stock” or a “marketable security” for United Kingdom stamp duty purposes.

If a duly stamped transfer completing an
agreement to transfer is produced within six years of the date on which the agreement is made (or, if the agreement is conditional, the
date on which the agreement becomes unconditional) any SDRT already paid is generally repayable, normally with interest, and any SDRT
charge yet to be paid is canceled to avoid a double charge as the stamp duty has been paid.

No SDRT or stamp duty is chargeable in respect
of shares that are admitted to trading on a “recognized growth market” and not listed on any “recognized stock exchange,”
or the AIM Exemption. Following the cancellation of admission of the Ordinary Shares on AIM, the AIM Exemption no longer applies.

Depositary Receipt Systems and Clearance Services

The Court of Justice of the European Union
in C-569/07 HSBC Holdings Plc, Vidacos Nominees Limited v The Commissioners of Her Majesty’s Revenue & Customs and the
First-tier Tax Tribunal decision in HSBC Holdings Plc and the Bank of New York Mellon Corporation v The Commissioners of Her Majesty’s Revenue & Customs, have considered the provisions of the European Union Council Directive 69/335/EEC, which was subsequently substituted
by the European Union Council Directive 2008/7/EEC, or the E.U. Directives