Company: IMCR
Filing Date: 2025-03-17
Form Type: 424B7
Source: 0001140361-25-008917
Chunk: 96

Company: Immunocore Holdings plc
Filing Date: 2025-03-17
Form: 424B7
Chunk 96
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TABLE OF CONTENTS

| • | DTC ceases to be registered as a clearing agency under the Exchange Act and a successor depositary is not appointed within 90 days; or |

| • | an event of default with respect to the notes has occurred and is continuing and such beneficial owner requests that its notes be issued in physical, certificated form. |

S-54

TABLE OF CONTENTS

TAXATION Certain Material U.S. Federal Income Tax Considerations The following discussion describes certain material U.S. federal income tax consequences to U.S. Holders (as defined below) of the purchase, ownership, conversion and disposition of notes and the ownership and disposition of ADSs (or the underlying ordinary shares) into which the notes may be converted. This discussion applies only to U.S. Holders that hold the notes (and the ADSs (or the underlying ordinary shares) received upon conversion of such notes, if any) as capital assets (generally, property held for investment) and have the U.S. dollar as their functional currency. This discussion is based on the tax laws of the United States in effect as of the date of this prospectus supplement and on U.S. Treasury regulations in effect or, in some cases, proposed as of the date of this prospectus supplement, as well as judicial and administrative interpretations thereof available on or before such date. All of the foregoing authorities are subject to change, which could apply retroactively and affect the tax consequences described below. This summary does not address any U.S. federal estate or gift tax consequences or the effects of any U.S. state, local or non-U.S. laws. The discussion also does not deal with the consequences of the alternative minimum tax, the Medicare tax on “net investment income,” or the consequences of special tax accounting rules under Section 451(b) of the Code. The following discussion does not describe all the tax consequences that may be relevant to any particular investor or the differing tax consequences that may apply to persons in special tax situations, such as:

| • | certain former citizens or long-term residents of the United States; |

| • | persons holding the notes, ADSs or ordinary shares as part of a hedge, straddle or other risk reduction strategy or as part of a conversion transaction or other integrated investment; |

| • | banks, insurance companies, and other financial institutions; |

| • | real estate investment trusts or regulated investment companies; |

| • | brokers, dealers or traders in securities, commodities or currencies; |

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