I have the following code to build a custom taxonomy for my portfolio:

add_action( 'init', 'create_pc_db_taxonomies', 0 );

function create_pc_db_taxonomies() {
    register_taxonomy( 'type', 'post', array( 'hierarchical' => true, 'label' => 'Type', 'query_var' => true, 'rewrite' => array( 'slug' => 'type' ) ) );
}

I have created a portfolio category on my site (I removed the /category/ base) and have created some items and set the custom taxonomies against them. So I get the following setup: http://domain.com/portfolio/item1/ but what I want is for the taxonomy links to look like this: http://domain.com/portfolio/type/web and then this will show a list of portfolio items related to the that type. At the moment they are root like http://domain.com/type/web I have tried add portfolio/type as the taxonomy slug but it just creates a 404 but i'm pretty sure this is the wrong way of doing it anyways. Any help?

Thanks