Company: BDRX
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001214659-25-005742
Chunk: 41

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-04-11
Form: 20-F
Item: Item 18
Chunk 41
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, at the time the settlement was made, the settlor was domiciled in the United States and not a national of the United Kingdom (in
which case no charge to United Kingdom inheritance tax should generally apply).

Stamp Duty and Stamp Duty Reserve Tax

The United Kingdom stamp duty treatment, or stamp duty, and United
Kingdom stamp duty reserve tax, or SDRT, treatment of the issue and transfer of, and the agreement to transfer, an Ordinary Share outside
a depositary receipt system or a clearance service is discussed in the paragraphs under “ General” below. The stamp
duty and SDRT treatment of such transactions in relation to such systems is discussed in the paragraphs under “ Depositary Receipt
Systems and Clearance Services” below.

General

An agreement to transfer an Ordinary Share will normally give rise
to a charge to SDRT at the rate of 0.5% of the amount or value of the consideration payable for the transfer. SDRT is, in general, payable
by the purchaser.

Subject to an exemption for certain low value transactions properly
certified as being for consideration less than £1,000, an instrument transferring an Ordinary Share would be subject to stamp duty
at the rate of 0.5% of the consideration given for the transfer (rounded up to the next £5). The purchaser is liable to HMRC for
the payment of the stamp duty (if any). Under current HMRC guidance, no stamp duty should be payable on a written instrument transferring
a Depositary Share or on a written agreement to transfer a Depositary Share, on the basis that the Depositary Share is not regarded as
either “stock” or a “marketable security” for United Kingdom stamp duty purposes.

If
a duly stamped transfer completing an agreement to transfer is produced within six years of the date on which the agreement is made (or,
if the agreement is conditional, the date on which the agreement becomes unconditional) any SDRT already paid is generally repayable,
normally with interest, and any SDRT charge yet to be paid is canceled to avoid a double charge as the stamp duty has been paid.

No
SDRT or stamp duty is chargeable in respect of shares that are admitted to trading on a “recognized growth market” and not
listed on any “recognized stock exchange,” or the AIM Exemption. Following the cancellation of admission of the Ordinary Shares
on AIM, the AIM Exemption no longer applies.

Depositary Receipt Systems and Clearance
Services

Legislative
changes with effect