Perpetuities and Accumulations Bill receives royal assent

The Perpetutities and Accumulation Bill received royal assent on 12 November 2009.  The bill aims to simplify and modernise the rule against perpetuities and the rule against excessive accumulations, which arise most commonly in the context of trusts.

It is the first bill to be introduced into the House of Lords under the procedure for Law Commission bills set out in the House of Lords Procedure Commitee Report of 25 February 2008.  The substantive provisions of the bill will not come into force until a commencement order is laid in parliament. 

For more information, visit www.justice.gov.uk