Definition of peppercorn rent in English:

peppercorn rent

noun

British
  • A very low or nominal rent.

    ‘the houses were let for a peppercorn rent’
    • ‘Now they want to privatise it for a peppercorn rent of one pound.’
    • ‘She says: ‘The project relied on the council granting a peppercorn rent, and they sunk it by refusing.’’
    • ‘The city council eventually bought the site and agreed to rent it out on a peppercorn rent for art and culture.’
    • ‘Payment of the peppercorn rent has been an annual ceremony ever since Henry Whistler, a London merchant, leased the Ouse-side structure from the city in 1677 to use as a water tower supplying York.’
    • ‘While the fee represents a peppercorn rent for large consumer device manufacturers it's a toll nevertheless.’

Origin

From the (formerly common) practice of stipulating the payment of a peppercorn as a nominal rent.

Pronunciation:

peppercorn rent

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