Perpetuities and Accumulations Act 2009[1]
Parliament of the United Kingdom
Long titleAn Act to amend the law relating to the avoidance of future interests on grounds of remoteness and the law relating to accumulations of income.
Citation2009 c 18
Territorial extent England and Wales[2]
Dates
Royal assent12 November 2009
History of passage through Parliament
Text of statute as originally enacted
Revised text of statute as amended

The Perpetuities and Accumulations Act 2009 (c. 18) is an Act of the Parliament of the United Kingdom that reforms the rule against perpetuities.

The Act resulted from a Law Commission report published in 1998.[3] It abolishes the rule against perpetuities in most non-trust contexts, such as easements.[3] In relation to wills, however, the Act only applies to wills drawn up after 6 April 2010. A will drawn up before 6 April but executed later (upon the death of the testator) will continue to be bound by prior rules.[4]

Commencement

Sections 22 to 24 came into force on 12 November 2009[5]

Sections 1 to 21 and the Schedule came into force on 6 April 2010.[6]

See also

Notes

  1. ↑ The citation of this Act by this short title is authorised by section 24 of this Act.
  2. ↑ The Perpetuities and Accumulations Act 2009, section 23
  3. 1 2 Meadway 2010, p. 240
  4. ↑ Meadway 2010, p. 241
  5. ↑ The Perpetuities and Accumulations Act 2009, section 22(1)
  6. ↑ The Perpetuities and Accumulations Act 2009, section 22(2); the Perpetuities and Accumulations Act 2009 (Commencement) Order 2010 (S.I. 2010/37 (C.6)), article 2

References

  • Meadway, Susannah (2010). "Perpetuities and Accumulations Act 2009". Trusts & Trustees. 16 (4): 240–246. doi:10.1093/tandt/ttq016.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.