I went through the renewal process last year. From application to new licence in the mail was less than 3 months. I had friends that had been waiting 12 months for their interviews for renewals who couldn't understand why mine was so quick. I think possibly I was going to fail the renewal (due to stricter tolerances now and ratbaggish behavior when I was younger) which would have given me a few months to sell my firearms before my current licence had expired.
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