Company: BDRX
Filing Date: 2025-05-12
Form Type: 424B3
Source: 0001214659-25-007341
Chunk: 96

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-05-12
Form: 424B3
Chunk 96
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 to control all substantial decisions of the trust, or (b) such trust 
 has a valid election in effect under applicable United States Treasury regulations to be treated as a United States person.                |

| 65 |

For U.S. federal income tax purposes, a beneficial owner ofDepositary Shares generally will be treated as the owner of the underlying Ordinary Shares represented by suchDepositary Shares. Accordingly, deposits or withdrawals of the underlying Ordinary Shares forDepositary Shares generally will not be subject toUnited States federal income tax. The discussion below assumes that the representations contained in the deposit agreement are true and that the obligations in the deposit agreement and any related agreement will be complied with in accordance with their terms. TheUnited States Treasury has expressed concerns that parties to whomDepositary Shares are released before shares are delivered to the depositary or intermediaries in the chain of ownership between the U.S. Holder of a Depositary Share and the issuer of the
security underlying the Depositary Share may be taking actions that are inconsistent with the claiming of foreign tax credits by U.S.
Holders of Depositary Shares. These actions would also be inconsistent with the claiming of the reduced rate of tax, described below,
applicable to dividends received by certain noncorporate U.S. Holders. As a result, the creditability of non-U.S. withholding
taxes (if any), and the availability of the reduced tax rate for dividends received by certain non-corporate U.S. Holders, each
described below, could be affected by actions taken by such parties or intermediaries. Accordingly, U.S. persons considering an investment
in Depositary Shares are generally taxed in the same manner as a U.S. Holder of Depositary Shares, should consult their own tax advisors
as to the particular tax consequences applicable to them relating to the purchase, ownership and disposition of Depositary Shares, including
the applicability of United States federal, state and local tax laws and non-United States tax laws.

You are urged to consult your tax advisors about the application of the United States federal income tax rules to your particular circumstances as well as the state, local, non-United States and other tax consequences of the purchase, ownership and disposition of the Depositary Shares and warrants.

Passive Foreign Investment Company Considerations

A foreign corporation is a
PFIC if either (1) 75% or more of its gross income for the taxable year is passive income or (2) the average percentage of assets held
by such corporation during the taxable year that produce