Wills & Trust Law : Perpetuities and Accumulations ACT 2009
16th November, 2009Wills & Trust Law : Perpetuities and Accumulations Act 2009
The Act received The Royal Assent on 12 November 2009. However the substantive provisions of the Act will not come into force until a commencement order is laid in Parliament by the Lord Chancellor.
The Act does not affect existing Trusts or Wills signed before the Act comes into force. Its main provisions are:
1. A new single Perpetuity Period of 125 years replacing the current 80 year rule andf a rule relating to suviving lives.
2. The existing rule retricting the period during which Trustees can accumulate income to 21 years is to be abolished for new trusts created after the date when the Act comes into force.
More information is available from the Firm's Tax & Estate Planning Team on 01865 244661