18Amount of tax payable — licence issued for period of 12 months or less

18 Amount of tax payable – licence issued for period of 12 months or less

(1) This item applies to a Part 4 licence that has a licence period of 12 months or less. (2) Subject to items 24 and 25, the amount of tax payable in relation to the issue of the licence is worked out as follows: (a) first, find the yearly amount for the licence; (b) second, multiply that yearly amount by the number of days in the licence period; (c) third, divide the result by 365.