(in England, Ireland, and Wales) one of the four days, Lady Day, Midsummer Day, Michaelmas, or Christmas, regarded as marking off the quarters of the year, on which quarterly payments are due, tenancies begin and end, etc.
(in Scotland) one of the four days, Candlemas, Whitsunday, Lammas, or Martinmas, regarded as marking off the quarters of the year.
any of four days in the year when certain payments become due. In England, Wales, and Northern Ireland these are Lady Day, Midsummer's Day, Michaelmas, and Christmas. In Scotland they are Candlemas, Whit Sunday, Lammas, and Martinmas