The holder of an operating licence—
shall pay a first annual fee to the Commission within such period after the issue of the licence as may be prescribed, and
shall pay an annual fee to the Commission before each anniversary of the issue of the licence.
In this section—
Regulations under this section may, in particular, make different provision for—
different kinds of operating licence, or
different circumstances.
Subsection (1)(b) does not apply in relation to an anniversary of the issue of a licence on or immediately before which the licence ceases to have effect by virtue of section 111.