Perpetuities and Accumulations Act 2009
Encyclopedia
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. It abolishes the rule against perpetuities in most non-trust contexts, such as easement
s. 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.
Sections 1 to 21 and the Schedule came into force on 6 April 2010.
Act of Parliament
An Act of Parliament is a statute enacted as primary legislation by a national or sub-national parliament. In the Republic of Ireland the term Act of the Oireachtas is used, and in the United States the term Act of Congress is used.In Commonwealth countries, the term is used both in a narrow...
of the Parliament of the United Kingdom
Parliament of the United Kingdom
The Parliament of the United Kingdom of Great Britain and Northern Ireland is the supreme legislative body in the United Kingdom, British Crown dependencies and British overseas territories, located in London...
that reforms the rule against perpetuities
Rule against perpetuities
The common law rule against perpetuities forbids some future interests that may not vest within the time permitted; the rule "limit[s] the testator's power to earmark gifts for remote descendants"...
.
The Act resulted from a Law Commission
Law Commission (England and Wales)
In England and Wales the Law Commission is an independent body set up by Parliament by the Law Commissions Act 1965 in 1965 to keep the law of England and Wales under review and to recommend reforms. The organisation is headed by a Chairman and four Law Commissioners...
report published in 1998. It abolishes the rule against perpetuities in most non-trust contexts, such as easement
Easement
An easement is a certain right to use the real property of another without possessing it.Easements are helpful for providing pathways across two or more pieces of property or allowing an individual to fish in a privately owned pond...
s. 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.
Commencement
Sections 22 to 24 came into force on 12 November 2009Sections 1 to 21 and the Schedule came into force on 6 April 2010.
External links
- Explanatory notes to the Perpetuities and Accumulations Act 2009.