77TRenewal of depot licences

77T  Renewal of depot licences  (1) The Comptroller‑General of Customs must, before the end of a financial year (the current financial year), notify each holder of a depot licence of the terms of this section. Licence renewed if holder pays charge before end of current financial year  (2) If the holder pays the depot licence charge for the renewal of the licence before the end of the current financial year, the licence is renewed for another period of 12 months beginning on 1 July of the next financial year after the current financial year. Consequences if charge not paid before end of current financial year  (3) If the holder fails to pay the depot licence charge for the renewal of the licence before the end of the current financial year, the licence is taken to be suspended for the period beginning on 1 July of the next financial year after the current financial year and ending at the earlier of the following times:  (a) the time the holder pays the charge;  (b) the end of 30 July of that next financial year. Licence renewed if holder pays charge before 30 July of the next financial year  (4) If the holder pays the depot licence charge for the renewal of the licence during the period of 30 days beginning on 1 July of the next financial year after the current financial year, the licence is taken to have been renewed for another period of 12 months beginning on 1 July of that next financial year. Licence expires if holder does not pay charge before 30 July of the next financial year  (5) If the holder fails to pay the depot licence charge for the renewal of the licence before the end of 30 July of the next financial year after the current financial year, the licence expires at the end of that 30 July. Multiple renewals  (6) A depot licence that has been renewed may be further renewed.