(1)  In this regulation –

licensing period means the period of 12 months commencing on 1 September each year.

(2)  Despite regulation 27 , the applicable fee payable in respect of a licence issued for a part of a licensing period will be calculated in accordance with the following formula:

where –

A is the annual licence fee specified in Schedule 1 ;

R is the number of days for which the licence will be in effect during the licensing period;

F is the number of days in the licensing period.