Company: BDRX
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001214659-25-005742
Chunk: 48

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-04-11
Form: 20-F
Item: Item 18
Chunk 48
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such an election are satisfied) generally would (i) be required to include as ordinary income the excess of the fair market value of the
Depositary Shares on the last day of the United States holder’s taxable year over the United States holder’s adjusted tax
basis in such Depositary Shares and (ii) be allowed a deduction in an amount equal to the lesser of (A) the excess, if any, of the United
States holder’s adjusted tax basis in the Depositary Shares over the fair market value of such Depositary Shares on the last day
of the United States holder’s taxable year or (B) the excess, if any, of the amount included in income because of the election for
prior taxable years over the amount allowed as a deduction because of the election for prior taxable years. In addition, upon a sale or
other taxable disposition of Depositary Shares, a United States holder would recognize ordinary income or loss (which loss could not be
in excess of the amount included in income because of the election for prior taxable years over the amount allowed as a deduction because
of the election for prior taxable years). If we were to be treated as a PFIC, different rules would apply to a United States holder making
a QEF election with respect to Depositary Shares. However, we do not intend to prepare or provide the information necessary for United
States shareholders to make a QEF election.

United
States holders are urged to consult their own tax advisors about the PFIC rules, including the availability of the “mark-to-market”
election.

3.8% Medicare Tax on “ Net Investment
Income”

A 3.8% tax, or “ Medicare
Tax,” is imposed on all or a portion of “net investment income,” which may include any gain realized or amounts received
with respect to Depositary Shares received by (i) United States holders that are individuals with modified adjusted gross income in excess
of certain thresholds, and (ii) certain estates and trusts. United States holders should consult their own tax advisors with respect to
the applicability of the Medicare Tax resulting from ownership or disposition of Depositary Shares.

Information Reporting and Backup Withholding

United States holders may
be subject to information reporting requirements and may be subject to backup withholding with respect to dividends on Depositary Shares
and on the proceeds from the sale, exchange, or disposition of Depositary Shares, currently at a rate of 24%, unless the United States
holder provides an accurate taxpayer identification number and complies with certain