Company: IMCR
Filing Date: 2025-03-17
Form Type: 424B7
Source: 0001140361-25-008917
Chunk: 111

Company: Immunocore Holdings plc
Filing Date: 2025-03-17
Form: 424B7
Chunk 111
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 a concurrent deemed sale election. A U.S. Holder of our notes who has made a valid QEF election with respect to other ADSs or ordinary shares should consult their own tax advisor regarding the U.S. federal income tax consequences of the QEF election and their investment in the notes.

A U.S. Holder of stock in a PFIC can only make a QEF election if we agree to furnish such U.S. Holder with certain information annually. If we determine that we are a PFIC in any taxable year, we intend to make available to U.S. Holders, upon request and in accordance with applicable procedures and confidentiality requirements, a “PFIC Annual Information Statement” with respect to us for such taxable year. The “PFIC Annual Information Statement” may be used by U.S. Holders for purposes of complying with the reporting requirements applicable to a QEF election.

If a U.S. Holder makes an effective QEF election with respect to our ordinary shares or ADSs, the U.S. Holder generally will be required to include in gross income for each year in which we are a PFIC, whether or not we make distributions, as capital gains, such U.S. Holder’s pro rata share of our net capital gains and, as ordinary income, such U.S. Holder’s pro rata share of our earnings in excess of our net capital gains. An electing U.S. Holder’s basis in our ordinary shares or ADSs generally will be increased to reflect the amount of any taxed but undistributed income. Distributions of income that had previously been taxed will result in a corresponding reduction of basis in the ordinary shares or ADSs and generally will not be taxed again as distributions to the U.S. Holder. In addition, a U.S. Holder that makes a QEF election generally will be taxed on the disposition of ordinary shares or ADSs as described in “—Sale or Other Taxable Disposition of Ordinary Shares and ADSs” above.

U.S. Holders of ADSs can avoid the interest charge on excess distributions or gain relating to the ADSs by making a mark-to-market election with respect to the ADSs but, for the avoidance of doubt, not such U.S. Holder’s notes or ordinary shares, provided that the ADSs are “marketable stock.” The ADSs will be marketable stock if they continue to be listed on the Nasdaq Global Market and are “regularly traded.” For these purposes, the ADSs will be considered regularly traded during any calendar year during which they are