Company: BDRX
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001214659-25-005742
Chunk: 42

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-04-11
Form: 20-F
Item: Item 18
Chunk 42
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 from January 1, 2024 have made clear that an issue of Ordinary Shares to a clearance service (such as, in our understanding,
DTC) or a depositary receipt system will not attract a 1.5% stamp duty or SDRT charge. Similarly, transfers or agreements to transfer
shares to (or to a nominee for) a clearance service or depositary receipt system should not attract a 1.5% stamp duty or SDRT charge provided
the conditions to be treated as an exempt capital raising instrument or exempt listing instrument or as applicable an exempt capital-raising
transfer or exempt listing transfer. If these conditions are not met in relation to such a transfer, a 1.5% charge may arise. Broadly
speaking, these legislative changes put on a statutory footing, following the United Kingdom's exit from European Union, the position
that previously applied in practice in light of case law of the Court of Justice of the European Union and United Kingdom tax tribunals
and HMRC published practice.

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It
is our understanding that DTC has not to date made an election under section 97A(1) of the Finance Act of 1986 to elect for SDRT to be
chargeable in respect of transfers within DTC. On that basis, paperless transfers within DTC should not attract a charge to SDRT.

Any
liability for stamp duty or SDRT in respect of a transfer into a clearance service or depositary receipt system, or in respect of a transfer
within such a service, which does arise, will strictly be accountable to HMRC by the clearance service or depositary receipt system operator
or their nominee, as the case may be, but will, in practice, be payable by the participants in the clearance service or depositary receipt
system.

Certain United States Taxation Considerations

The following is a summary
of material United States federal income tax consequences of the ownership and disposition of Depositary Shares by United States holders
(as defined below). This summary is for general information only and is not tax advice. Each investor should consult its tax advisor with
respect to the tax consequences of the ownership and disposition of our securities.

This summary is based on provisions
of the Internal Revenue Code of 1986, as amended, or the Code, United States Treasury regulations promulgated thereunder (whether final,
temporary, or proposed), administrative rulings, and judicial interpretations thereof, and the Convention Between the Government of the