Regulation 10 Amount of credit on exchange of licence

The amount of credit allowed under Regulation 9 above shall be, for each complete remaining month of the old licence, an amount equal in the case of a whole, half or quarter year licence to one twelfth, one sixth or one third respectively of the duty paid on the issue of the old licence.

For the purposes of this regulation the amount of any credit allowed under regulation 9 above on the issue of the old licence shall be treated as having been paid on the issue of that licence.

The amount of credit shall not exceed the duty payable on the new licence.