15.—(1) Subject to paragraph (3) and regulation 24 in connection with any application for the grant or renewal of any product licence there shall be payable by the applicant an annual fee in respect of each licence year during any part of which a product licence, granted or renewed in pursuance of the application is in force, or a product licence already held by the applicant, is in force, save that no annual fee shall be payable in respect of the licence year during which the last to expire of such product licences expires if that licence expires on a date earlier than the anniversary of that date on which that licence was granted which falls in that licence year.
(2) The annual fee shall be calculated in accordance with Schedule 4.
(3) The annual fee may be adjusted or refunded in any of the circumstances set out in Schedule 5. PART VIII ADMINISTRATION