During the reign of Good Queen Vic, there lives the black sheep of the Blackadder family, Ebeneezer Blackadder, who owns a Moustache Shoppe. As the theme song goes: "He's kind and generous to the sick/ He'd never spread a nasty rumour/ He never gets on people's wick/ And doesn't laugh at toilet humour". He cheerfully gives away nearly everything he has on Christmas Eve, and is, of course, heavily taken advantage of. After light-heartedly poking fun at his idiot clerk, Baldrick, he goes to bed that night, and is visited by the Spirit of Christmas- a ghost who haunts misers and makes them better people by showing them visions of their ancestors. After complimenting Ebenezer on his good taste and behaviour, he shows him two shadows of the past. The first shows Lord Edmund Blackadder buying Queen Elizabeth I a portrait of her for Christmas, finding she's decided to cancel the holiday, finding himself outdone by Melchett and sentenced to execution, and eventually outsmarting them all and winning the queen's favour. The next shows Edmund Blackadder, Esq devising a scheme to get George's presents. After giving Baldrick a disguise, he tells his master a story of a prince who gave away everything he had to an old granny on Christmas Eve. When an elderly lady (VERY coincidentally) arrives at the door, George gladly gives her all his presents; when Blackadder goes to compliment Baldrick, he apologizes for being late and says he was showing a sweet old granny to the door. The Spirit reluctantly shows Ebenezer two visions of the future, if he turns bad or stays good, and to Blackadder the decision seems obvious in the end: "Bad guys have all the fun!"

This film and Blackadder Back & Forth (1999) are the only two to actively reprise characters from previous Blackadder incarnations (namely new segments for "Blackadder II" (1986) and "Blackadder the Third" (1987)).

Melchet:
Greetings of the season to you, Blackadder! May the Yule log slip from your fire and burn your house down!