Company: NCNA
Filing Date: 2025-04-24
Form Type: F-1
Source: 0001193125-25-092131
Chunk: 97

Company: NuCana plc
Filing Date: 2025-04-24
Form: F-1
Chunk 97
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 of the relevant Warrants/Pre-Funded Warrants.

A disposal or deemed disposal of a
Warrant/Pre-Funded Warrant or ADS by a U.K. Corporate Holder may, depending on that holder’s circumstances, give rise to a chargeable gain or an allowable loss for the purposes of U.K. corporation tax on
chargeable gains.

As noted above, the main rate of United Kingdom corporation tax for the 2025/2026 corporation tax year is 25% for U.K.
corporations (or corporate groups) with annual profits of £250,000 or higher.

U.K. Individual Holders

For a U.K. Individual Holder (depending on the circumstances) neither the grant nor the exercise of the
Warrants/Pre-Funded Warrants should generally give rise to a U.K. capital gains tax charge and the relevant U.K. Individual Holder’s base cost in the
Warrants/Pre-Funded Warrants, or (following exercise) the asset which was the subject of the Warrants/Pre-Funded Warrants (the relevant ADSs) will take into account, in
the case of the Warrants/Pre-Funded Warrants, any amounts paid by the relevant U.K. Holder for the acquisition of the Warrants/Pre-Funded Warrants, and in the case of
the asset which was the subject of the Warrants/Pre-Funded Warrants, any such amounts, together with any amounts paid for the exercise of the relevant
Warrants/Pre-Funded Warrants. A disposal or deemed disposal of a Warrant/Pre-Funded Warrant or ADS by a U.K. Individual Holder may, depending on that holder’s
circumstances, give rise to a chargeable gain or to an allowable loss for the purpose of U.K. capital gains tax.

65

The principal factors that will determine the capital gains tax position on such a disposal
are the extent to which the U.K. Individual Holder realizes any other capital gains in the tax year in which the disposal is made, the extent to which the holder has incurred capital losses in that or any earlier tax year and the level of the annual
allowance of tax-free gains in that tax year, or the Annual Exemption. The Annual Exemption for the 2025/2026 tax year is £3,000. If, after all allowable deductions, a U.K. Individual Holder who is
subject to U.K. income tax at either the higher or the additional rate becomes liable