Company: BDRX
Filing Date: 2025-01-28
Form Type: 424B3
Source: 0001214659-25-001409
Chunk: 320

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-01-28
Form: 424B3
Chunk 320
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 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

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.

| 161 |

Where
an