Company: NCNA
Filing Date: 2025-04-04
Form Type: DRS
Source: 0000950123-25-003335
Chunk: 89

Company: NuCana plc
Filing Date: 2025-04-04
Form: DRS
Chunk 89
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 U.K. Corporate Holders of Warrants/Pre-Funded Warrants, the precise U.K. corporation tax treatment
of the Warrants/Pre-Funded Warrants is dependent on the accounting treatment applied to the Warrants/Pre-Funded Warrants and the extent to which the Warrants/Pre-Funded Warrants are considered to constitute derivative contracts for U.K. tax purposes. U.K. Corporate Holders of Warrants/Pre-Funded Warrants who consider that
any of the Warrants/Pre-Funded Warrants may constitute derivative contracts for U.K. tax purposes should consult with their tax advisors and accountants as to the tax implications of such treatment.

Where a Warrant/Pre-Funded Warrant does not constitute a derivative contract for U.K. tax purposes,
then (depending on the circumstances) neither the grant nor the exercise of a Warrant/Pre-Funded Warrant should generally give rise to a U.K. chargeable gains/capital gains tax charge, and the U.K. Corporate
Holder’s base cost in the Warrants/Pre-Funded Warrants, or (following exercise) the asset which was the subject of the Warrants/Pre-Funded Warrants (the relevant
ADSs) will take into account, in the case of the Warrants/Pre-Funded Warrants, any amounts paid by the relevant U.K. Holder for the acquisition of the
Warrants/Pre-Funded Warrants, and in the case of the asset which was the subject of the Warrants/Pre-Funded Warrants, any such amounts, together with any amounts paid
for the exercise of the relevant Warrants/Pre-Funded Warrants.

A disposal or deemed disposal of a
Warrant/Pre-Funded Warrant or ADS by a U.K. Corporate Holder may, depending on that holder’s circumstances, give rise to a chargeable gain or an allowable loss for the purposes of U.K. corporation tax on
chargeable gains.

As noted above, the main rate of United Kingdom corporation tax for the 2025/2026 corporation tax year is 25% for U.K.
corporations (or corporate groups) with annual profits of £250,000 or higher.

U.K. Individual Holders

For a U.K. Individual Holder (depending on the circumstances) neither the grant nor the exercise of the
Warrants/Pre-Funded Warrants should generally give rise to a U.K. capital gains tax charge and the relevant U.K. Individual Holder’s