Company: NCNA
Filing Date: 2025-04-04
Form Type: DRS
Source: 0000950123-25-003335
Chunk: 90

Company: NuCana plc
Filing Date: 2025-04-04
Form: DRS
Chunk 90
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 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. Individual Holder may, depending on that holder’s
circumstances, give rise to a chargeable gain or to an allowable loss for the purpose of U.K. capital gains tax.

63

Confidential Treatment Requested by Nucana plc

Pursuant to 17 C.F.R. Section 200.83

The principal factors that will determine the capital gains tax position on such a disposal
are the extent to which the U.K. Individual Holder realizes any other capital gains in the tax year in which the disposal is made, the extent to which the holder has incurred capital losses in that or any earlier tax year and the level of the annual
allowance of tax-free gains in that tax year, or the Annual Exemption. The Annual Exemption for the 2025/2026 tax year is £3,000. If, after all allowable deductions, a U.K. Individual Holder who is
subject to U.K. income tax at either the higher or the additional rate becomes liable to U.K. capital gains tax on the disposal of a Warrant/Pre-Funded Warrant or an ADS, the current applicable rate is 24%.
For a U.K. Individual Holder who is subject to U.K. income tax at the basic rate and, after all allowable deductions, liable to U.K. capital gains tax on such disposal, the current applicable rate is 18%, save to the extent that any capital gains
exceed the unused basic rate tax band. In that case, the current rate applicable to the excess is 24%.

A U.K. Individual Holder who
ceases to be resident in the United Kingdom (or who fails to be regarded as resident in a territory outside the United Kingdom for the purposes of double taxation relief)