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An excellent summary, Latepaul. Thank you.
You say you pay a fee at the time of the application. The source you quoted says "The cost of getting a licence includes an application fee and a licence fee" (my italics). That suggests that the "application fee" is for the administrative cost, and the licence fee goes into a fund from which the IPO will pay the claims. Assuming that only a small proportion of rights holders will come forward (as you originally suggested), that in turn suggests that the fee that the applicant pays will be a lot less than the amount received by the rights holder. So you were right in saying there will be no net cost to the taxpayer.
Mike
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