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14.—(1) Subject to paragraphs (2) and (4) and to regulations 19 and 23, there shall be payable by the holder of a product licence (including a product licence of right), a manufacturer’s licence or a wholesale dealer’s licence a fee in connection with the holding of the licence in respect of each licence fee period during any part of which the licence is in force.
(2) Product licences of a type referred to in Part IV of Schedule 3 shall be treated for the purposes of paragraph (1) above as if they were one product licence and only one periodic fee in respect of each relevant licence fee period shall be payable in connection with the holding of such product licences.
(3) The periodic fee shall be the appropriate fee prescribed in Part III of Schedule 3.
(4) No periodic fee shall be payable in respect of the licence fee period during which a licence is first granted.
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