When determining the date for release, the following will be taken into account:
1. Any time spent in custody, prior to conviction, will count as time already served.
2. Any time spent in police custody (including, for example, any date upon which the person had to attend a police station to answer bail), plus days on which the person had to appear before the courts, count as time served.
3. Prisoners are not normally released at weekends. Anyone with an official release date on a Saturday or Sunday will normally be released on the preceeding Friday.
As I've said, the above is, to the best of my knowledge, the current basic structure. Additionally, however, there are early release (tagging) schemes which permit the release of some offenders before the half-way point of the sentence. These do not normally apply to certain types of offences (e.g. sexual offences and serious offences of violence). Where the scheme does apply, some offenders might be released after serving about one third of their sentence.
There are also other variations to the basic scheme which might apply to particular types of offence. (e.g. sentences for some sexual offences may include a longer period of supervision than would normally be associated with that length of sentence).
Chris