rebate1

 
Pronunciation: /ˈriːbeɪt/

noun

  • a partial refund to someone who has paid too much for tax, rent, or a utility: the scheme eases the move to the council tax by giving rebates in the first year
  • a deduction or discount on a sum of money due: you will be entitled to a 20 per cent rebate off each standard fare

verb

[with object]
  • pay back (a sum of money) as a rebate: the government rebates part of your own and your employer’s National Insurance contributions into the plan

Derivatives

rebatable

adjective

Origin:

late Middle English (as a verb in the sense 'diminish (a sum or amount)'): from Anglo-Norman French rebatre 'beat back', also 'deduct'