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Definition

not on your life, an emphatic form of no.

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Origins

From nelly, Nelly Duff, rhyming slang for puff (of breath = life).

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Also Said As

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How People Actually Use It

cockney rhyming slang for not on your life. nelly rhymes with smelly, which leads to smelly breath, breath leads to breathing to keep alive, leading to not on your life.

"Martin: 'will you stroke my furry badger?' Jon: 'Not on your nelly!'"

Source: Urban Dictionary