The practice of paying rent quarterly dates back to the Middle Ages. At a time when the horse was the best form of transport available, collecting rent more often than four times a year was impractical. So the lords of the land sent out their agents every three months and, to help tenants remember the days, they were associated with quarter days in the Church calendar.

In Britain, the quarter days were the four dates in each year on which servants were hired, and rents and rates were due. They fell on four religious festivals roughly three months apart.

The English quarter days (also observed in Wales) are:

• Lady Day (March 25)
• Midsummer Day (June 24)
• Michaelmas (September 29)
• Christmas (December 25)

The Scottish term days are:

• Candlemas (February 2)
• Whitsunday (May 15)
• Lammas (August 1)
• Martinmas (November 11).
  The Term & Quarter Days (Scotland) Act 1990 redefined these dates, at least in official use, as the 28th day of February, May, August and November respectively.