11Partial refund of venue licence fee on surrender of venue licence

11 Partial refund of venue licence fee on surrender of venue licence

For section 148(3) of the Act, the proportional refund of the venue licence fee is to be calculated in accordance with the following formula:

where –

A is the refund amount to be calculated;

B is the total licence fee that has been paid by the holder of the venue licence under section 148(1) of the Act during the financial year in which the licence is surrendered;

C is the licence fee payable by the holder of the venue licence under section 148(1) for the full financial year during which the venue licence is surrendered;

D is the number of days in that financial year;

E is the number of days in the financial year for which the licence is in effect.