Company: IMCR
Filing Date: 2025-03-17
Form Type: 424B7
Source: 0001140361-25-008917
Chunk: 100

Company: Immunocore Holdings plc
Filing Date: 2025-03-17
Form: 424B7
Chunk 100
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 stated principal amount exceeds the U.S. Holder’s adjusted tax basis in the Note immediately after its acquisition.

If a U.S. Holder acquires a Note at a market discount and does not elect to include market discount in income as it accrues, such U.S. Holder generally will be required to treat any gain recognized on a sale, exchange, redemption or other taxable disposition of the Note as ordinary income to the extent of accrued market discount on such Note at the time of such sale, exchange, redemption or other taxable disposition. In addition, such U.S. Holder may be required to include accrued market discount in income upon a disposition of a Note in certain otherwise non-taxable transactions as if such U.S. Holder sold the Note for its fair market value. In general, market discount will be treated as accruing on a straight line basis over the remaining term of the Note or, at the U.S. Holder’s election, under a constant yield method. If such an election is made, it will apply only to the Note with respect to which it is made and may not be revoked. A U.S. Holder that acquires a Note at a market discount and does not elect to include market discount in income as it accrues may be required to defer the deduction of all or a portion of the interest expense on any indebtedness incurred or maintained to purchase or carry the Note until maturity or until a taxable disposition of the Note.

A U.S. Holder may elect to include market discount in income on a current basis as it accrues over the remaining term of the Note (on either a ratable or constant-yield method). Once made, this election applies to all market discount obligations acquired by such U.S. Holder on or after the first taxable year to which the election applies and may not be revoked without the consent of the IRS. If a U.S. Holder makes such an election, the rules described above which treat gain realized on a Note as ordinary income to the extent of accrued market discount and require deferral of certain interest deductions will not apply.

Generally, upon conversion of a Note acquired at a market discount into ADSs, any market discount not previously included in income (including as a result of the conversion) will carry over to the ADSs received in exchange for the Note. Any such market discount that is carried over to ADSs received upon conversion will be taxable as ordinary income upon the sale or other disposition of such ADSs (including a deemed sale or disposition of a fractional ADS pursuant to a conversion). The market discount rules are