Company: NCNA
Filing Date: 2025-03-20
Form Type: 20-F
Source: 0000950170-25-042709
Chunk: 88

Company: NuCana plc
Filing Date: 2025-03-20
Form: 20-F
Item: Item 3
Chunk 88
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 U.K. government). However, the United Kingdom’s departure from the European Union single market

has resulted in substantial changes for U.K. businesses, including an end to the free movement of persons, goods and services between the United Kingdom and the European Union, and the loss of a number of other benefits afforded to citizens and businesses in the United Kingdom and the European Union prior to the withdrawal, such as the mutual recognition of professional qualifications, or passporting for financial services. Furthermore, as the United Kingdom is no longer subject to E.U. law, or the jurisdiction of the European Court of Justice, there is increasing scope for divergence between United Kingdom and E.U. member states’ laws and regulations, including through (a) the amendment, application, interpretation and enforcement of the body of domestic law, known as (i) for the period prior to December 31, 2023, retained E.U. law, which is based on the E.U. law that applied to the United Kingdom at the end of the Transition Period, and (ii) for the period since January 1, 2024, assimilated law, which is based on the directly applicable E.U. legislation and domestic U.K. law related to former E.U. obligations that applied to the United Kingdom at the end of the Transition Period, and (b) the repeal by the U.K. government with effect from January 1, 2024 of the other rights and principles in E.U. law that had direct effect in the United Kingdom at the end of the Transition Period and which aren’t assimilated law (e.g., the right not to be discriminated against on grounds of nationality).
 These developments, and continued uncertainty around how the United Kingdom’s legal, political and economic relationship with the European Union will evolve following the withdrawal, have had and may continue to have a significant adverse effect on global economic conditions and the stability of global financial markets, and could significantly reduce global market liquidity. Asset valuations, currency exchange rates and credit ratings may be especially subject to increased market volatility. These developments may also have a significant effect on our ability to attract and retain employees, including scientists and other employees who are important for our and our collaborators’ research and development efforts.
 Our business may be adversely affected if Scotland decides to secede from the United Kingdom, and as a result of divergence between the income tax rates in Scotland compared to the remainder of the United Kingdom.
 We are headquartered in Scotland. A referendum on Scottish independence from the United Kingdom took place on September 18