UK Rent Quarter Days: English, Scottish, Irish Dates
UK rent quarter days are the four traditional dates on which commercial rent has been collected for centuries: Lady Day (25 March), Midsummer (24 June), Michaelmas (29 September), and Christmas (25 December). Most English commercial leases still use these as payment dates, with Scottish and Irish leases using their own quarter days. Because the days are not evenly spaced, FRS 102 lease calculations need a day-count convention that handles irregular periods.
What Are Rent Quarter Days?
Quarter days are the four customary payment dates that divide the English legal and commercial year. The English quarter days are Lady Day, Midsummer Day, Michaelmas, and Christmas. They date back to the medieval period when servants were hired and rents were collected on these religious feast days. Scottish quarter days fall on Candlemas, Whitsunday, Lammas, and Martinmas. Irish quarter days, sometimes called Gale Days, fall on the four cross-quarter days of the Celtic calendar. Each pair of consecutive quarter days is between 87 and 97 days apart, which affects how interest accrues under FRS 102 Section 20.
FRS 102 Reference: FRS 102 Section 11, 20.50
English, Scottish, and Irish Quarter Days
The table below shows the canonical UK and Irish quarter day calendars. Pick the one that matches your lease agreement:
| Calendar | Payment Dates | Traditional Names | Use Case |
|---|---|---|---|
| English | Mar 25, Jun 24, Sep 29, Dec 25 | Lady Day, Midsummer, Michaelmas, Christmas | England & Wales property |
| Scottish | Feb 28, May 28, Aug 28, Nov 28 | Candlemas, Whitsun, Lammas, Martinmas | Scottish property |
| Irish | Feb 1, May 1, Aug 1, Nov 1 | Imbolc, Bealtaine, Lughnasadh, Samhain | Irish property (Gale Days) |
| Calendar | Jan 1, Apr 1, Jul 1, Oct 1 | Calendar Quarters | Modern standardised |
| Standard | +3 months from anchor | N/A | Non-property leases |
Impact on Calculations
Irregular payment periods affect interest expense calculations. Each period accrues interest based on actual days elapsed, not a fixed monthly assumption.
English Quarter Day Interest
Recommended Settings
For Quarter Day leases, use Act/365 (XNPV) day count convention with daily compounding to accurately reflect the varying period lengths between payment dates.
Best Practice
How to Configure
When creating or editing a lease, select the Quarter Day calendar under Payment Schedule. Lease102 automatically generates the correct payment dates and calculates interest using actual days.
FRS 102 Reference: FRS 102.20.50
Stub Periods (Partial First or Last Quarters)
A quarter-day lease that commences or ends part-way through a quarter has a stub period: a shorter interval at the start or end whose payment is not a full quarter. Lease102 supports two pro-rata conventions for stubs.
FRS 102 Reference: FRS 102.20.50
Which mode applies?
stub_only Mode (RICS Code 2020, default for UK property)
The RICS Code for Leasing Business Premises (2020 edition) recommends equal instalments for the stub period as if it were a full quarter, with no daily pro-rata. Only the very first and very last instalment may differ to reconcile to the headline annual rent. This is the convention most UK commercial leases use, so Lease102 defaults to stub_only for English / Scottish / Irish quarter-day calendars.
Daily Pro-rata Mode
An alternative convention where the stub instalment is calculated as annual_rent x (days_in_stub / 365). Use this only when the lease document specifically states daily pro-rata. Set it explicitly under Advanced > Pro-rata Mode at import or on manual entry.
No Pro-rata (None)
Some leases simply skip a stub charge: the first or last instalment is identical to all the others. Use the "none" mode for these.
Configure Quarter Day payments
Lease102 supports all UK and Irish Quarter Day calendars with automatic date generation.