For section 76ZI(2A) of the Act, the proportional refund of the relevant licence fee is to be calculated in accordance with the following formula:

where –

A is the amount to be calculated;

LF is the licence fee payable for the full financial year in which the licence is surrendered;

D1 is the number of days in that financial year;

D2 is the number of days remaining in that financial year after the day on which the licence is surrendered.