Company: BDRX
Filing Date: 2025-05-12
Form Type: 424B3
Source: 0001214659-25-007341
Chunk: 93

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-05-12
Form: 424B3
Chunk 93
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 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

The Court of Justice of the European Union
in C-569/07 HSBC Holdings Plc, Vidacos Nominees Limited v The Commissioners of Her Majesty’s Revenue & Customs and the
First-tier Tax Tribunal decision in HSBC Holdings Plc and the Bank of New York Mellon Corporation v The Commissioners of Her Majesty’s Revenue & Customs, have considered the provisions of the European Union Council Directive 69/335/EEC, which was subsequently substituted
by the European Union Council Directive 2008/7/EEC, or the E.U. Directives. Following these decisions HMRC has publicly confirmed that
issues or transfers of shares of United Kingdom incorporated companies, such as us, to a clearance service (such as, in our understanding,
DTC) or a depositary receipt system will not be charged to United Kingdom SDRT at 1.5% where that issue or transfer is an integral part
of a raising of new capital.

It was announced as part of the United Kingdom
Budget 2017 by the United Kingdom government that the 1.5% stamp duty and SDRT charge will not be enforced on the issue of shares by United
Kingdom incorporated companies (and transfers of such shares where the transfer is integral to new capital raising) into clearance services
and depositary receipt systems following Brexit. However, the United Kingdom government could potentially introduce new United Kingdom
legislation with the effect that a future issue or transfer of our Ordinary Shares into a clearance service or depositary receipt system
(even where such an issue or transfer is an integral part of the raising of new capital by the company) may potentially become chargeable
to 1.5% stamp duty or SDRT.

Where an ordinary share is transferred (i)
to, or to a nominee for, a person whose business is or includes the provision of clearance services or (ii) to, or to a nominee for a
person whose business is or includes issuing depositary receipts and that transfer is not integral to the raising of new capital by the
company, stamp duty or SDRT would generally be chargeable at the rate of 1