Company: IMCR
Filing Date: 2025-03-17
Form Type: 424B7
Source: 0001140361-25-008917
Chunk: 102

Company: Immunocore Holdings plc
Filing Date: 2025-03-17
Form: 424B7
Chunk 102
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.S. Holder’s adjusted tax basis in a note generally will equal the cost of the note to the U.S. Holder increased by the amount of any market discount previously included in income with respect to the note and decreased by any bond premium previously amortized by such U.S. Holder with respect to the note, and further increased by the amount of any constructive distributions treated as dividends (if any), as discussed under “—Constructive Distributions,” below. Subject to the market discount rules discussed above under “—Market Discount,” any gain or loss recognized on a taxable disposition of a note generally will be capital gain or loss. If, at the time of the sale, exchange, redemption or other taxable disposition of a note, the U.S. Holder held the note for more than one year, such gain or loss generally will be long-term capital gain or loss. Otherwise, such gain or loss will be short-term capital gain or loss. Certain non-corporate U.S. Holders, including individual U.S. Holders, may be eligible for reduced tax rates on long-term capital gains. The deductibility of capital losses is subject to limitations. Any such gain or loss generally will be treated as U.S.-source income or loss. Consequently, a U.S. Holder may not be able to use any foreign tax credit arising from any foreign tax imposed on the disposition of a note unless such credit can be applied (subject to applicable limitations) against tax due on other income treated as derived from non-U.S. sources. Certain proposed Treasury regulations would impose additional limitations on the creditability of any foreign taxes on gains from dispositions, although recent IRS notices provide temporary relief from these additional limitations. You are urged to consult your tax advisor regarding the tax consequences if a non-U.S. tax is imposed on a disposition of our notes, including the availability of the foreign tax credit under your particular circumstances and your ability to claim an exemption under the provisions of an applicable treaty.

#### Conversion of Notes
If a U.S. Holder presents a note for conversion, except as described in “Description of Notes—Conversion Rights—Conversion Share Limitations,” a U.S. Holder will receive our ADSs (together with cash in lieu of any fractional ADS, if applicable) in exchange for the note.

A U.S. Holder receiving solely ADSs in exchange for notes upon conversion generally will not recognize gain or loss upon the conversion of the notes into ADSs, except to the extent of cash received in lieu of a fractional ADS or with respect to accrued interest.