UK Quarter Days
UK and Irish commercial property leases traditionally use Quarter Days as payment dates, creating irregular payment intervals that require special calculation handling.
What Are Quarter Days?
Quarter Days are historical payment dates used in UK and Irish property leases. Unlike standard monthly or calendar-quarter payments, Quarter Days create irregular intervals ranging from 87 to 97 days, which affects interest calculations.
FRS 102 Reference: FRS 102 Section 11, 20.50
Calendar Types
Choose the calendar matching 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
Configure Quarter Day payments
Lease102 supports all UK and Irish Quarter Day calendars with automatic date generation.