Company: BDRX
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001214659-25-005742
Chunk: 44

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-04-11
Form: 20-F
Item: Item 18
Chunk 44
---
 or other tax law that may apply to holders
of Depositary Shares.

The United States federal
income tax treatment of a partner in a partnership (including any entity or arrangement treated as a partnership for United States federal
income tax purposes) generally will depend on the status of the partner and the activities of the partnership. A partner in such a partnership
should consult its tax advisor regarding the associated tax consequences.

  106  

  Table of Contents  

Consequences Relating to Ownership and Disposition
of Depositary Shares

Ownership of Depositary
Shares. For United States federal income tax purposes, a holder of Depositary Shares will generally be treated as if such holder directly
owned the ordinary shares represented by such Depositary Shares.

Distributions on Depositary
Shares. Subject to the discussion below under“ - Passive Foreign Investment Company Rules,” the gross
amount of any distribution on Depositary Shares (including withheld taxes, if any) made out of our current or accumulated earnings and
profits (as determined for United States federal income tax purposes) will generally be taxable to a United States holder as dividend
income on the date such distribution is actually or constructively received. Any such dividends paid to corporate United States holders
generally will not qualify for the dividends received deduction that may otherwise be allowed under the Code. Distributions in excess
of our current and accumulated earnings and profits would generally be treated first as a non-taxable return of capital to the extent
of the United States holder’s basis in the Depositary Shares, and thereafter as capital gain. However, since we do not calculate
our earnings and profits under United States federal income tax principles, it is expected that any distribution on Depositary Shares
will be reported as a dividend even if that distribution would otherwise be treated as a non-taxable return of capital or as capital gain
under the rules described above.

Dividends paid in currencies
other than the United States dollar, if any, will generally be taxable to a United States holder as ordinary dividend income in an amount
equal to the United States dollar value of the currency received on the date such distribution is actually or constructively received.
Such United States dollar value must be determined using the spot rate of exchange on such date, regardless of whether the non-United
States currency is actually converted into United States dollars on such date. The United States holder may realize exchange gain or loss
if the currency received is converted into United States dollars after the date on which it is actually or constructively received. In
general,