Make happy when abolishing penny rent (5)
I believe the answer is:
lease
'rent' is the definition.
(I've seen this before)
'make happy when abolishing penny' is the wordplay.
'make happy' becomes 'please' (I've seen this in another clue).
'when abolishing' is a deletion indicator.
'penny' becomes 'p' (short for pence).
'please' with 'p' taken out is 'LEASE'.
(Other definitions for lease that I've seen before include "Contract to rent" , "Property rental agreement" , "Contract of tenure" , "Let; rent" , "Term of a rental contract" .)