Company: NCNA
Filing Date: 2025-05-02
Form Type: F-1/A
Source: 0001193125-25-110310
Chunk: 91

Company: NuCana plc
Filing Date: 2025-05-02
Form: F-1/A
Chunk 91
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ICs are complex. U.S. Holders are urged to consult their tax advisors with respect to the purchase, ownership and disposition of the ADSs, the Pre-Funded Warrants, and the
Warrants, the availability of the mark-to-market election and whether making the election would be advisable in their particular circumstances, and the IRS information
reporting obligations with respect to the purchase, ownership and disposition of the ADSs, the Pre-Funded Warrants, and the Warrants.

Taxation of the ADSs and Pre-FundedWarrants

Dividends and Other Distributions on the ADSs and Pre-FundedWarrants

Subject to the discussion above under the heading “-Passive Foreign Investment Company Considerations”, generally the gross amount of
distributions made by us, if any, to a U.S. Holder with respect to the ADSs or the Pre-Funded Warrants, before reduction for any non-U.S. taxes withheld therefrom, will
be includable in gross income as a dividend to the extent that such distribution is paid out of our current or accumulated earnings and profits (as determined under U.S. federal income tax principles). To the extent, if any, that the amount of any
cash distribution exceeds our current and accumulated earnings and profits, it will be treated first as a tax-free return of such U.S. Holder’s tax basis in its ADSs or
Pre-Funded Warrants (as applicable), and to the extent the amount of the distribution exceeds such U.S. Holder’s tax basis, the excess will be taxed as capital gain. We do not intend to calculate our
earnings and profits under U.S. federal income tax principles. Therefore, a U.S. Holder should expect that a distribution will generally be treated as a dividend even if that distribution would otherwise be treated as a non-taxable return of capital or as capital gain under the rules described above. A dividend in respect of the ADSs or Pre-Funded Warrants (as applicable) will not be eligible
for the dividends-received deduction allowed to corporations in respect of dividends received from other U.S. corporations. Non-corporate U.S. Holders may qualify for the lower rates of taxation with respect
to dividends on ADSs or Pre-Funded Warrants applicable to long term capital gains (i.e., gains from the sale of capital assets held for more than one year), provided that certain conditions are met, including
certain holding period requirements and the absence of certain risk reduction transactions. However,