Company: IMCR
Filing Date: 2025-03-17
Form Type: 424B7
Source: 0001140361-25-008917
Chunk: 110

Company: Immunocore Holdings plc
Filing Date: 2025-03-17
Form: 424B7
Chunk 110
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 allocated ratably over a U.S. Holder’s holding period for the ordinary shares, ADSs or notes; |

| • | the amount allocated to the taxable year of the disposition or distribution (as applicable), and any taxable year prior to the first taxable year in which we became a PFIC, will be treated as ordinary income; and |

| • | the amount allocated to each other year will be subject to the highest tax rate in effect for that year and the interest charge generally applicable to underpayments of tax will be imposed on the resulting tax attributable to each such year. |

The tax liability for amounts allocated to years prior to the year of disposition or “excess distribution” cannot be offset by any net operating losses for such years, and gains (but not losses) realized on the sale of the ordinary shares, ADSs or notes cannot be treated as capital, even if a U.S. Holder holds the ordinary shares, ADSs or notes as capital assets. If we are a PFIC, a U.S. Holder generally will be subject to similar rules with respect to distributions we receive from, and our dispositions of the stock of, any of our direct or indirect subsidiaries or any other entities in which we

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hold equity interests that also are PFICs (“lower-tier PFICs”), as if such distributions were indirectly received by, and/or dispositions were indirectly carried out by, such U.S. Holder. U.S. Holders should consult their tax advisors regarding the application of the PFIC rules to lower-tier PFICs.

In certain circumstances, a U.S. Holder of stock in a PFIC can make a qualified electing fund election (a “QEF election”), which would alter the tax consequences described above of holding stock in a PFIC by including in income its share of the corporation’s income on a current basis. In order to apply the QEF regime in lieu of the general PFIC rules described above, a U.S. Holder generally must make the QEF election for the first taxable year during a U.S. Holder’s holding period in which we are treated as a PFIC. Although the matter is not entirely clear under current and proposed U.S. Treasury regulations, a U.S. Holder of our notes may not be permitted to make a QEF election with respect to the notes, and a QEF election with respect to ADSs (or underlying ordinary shares) received on conversion of the notes may not be considered timely made in the absence of