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Bill · started in the Lords

Perpetuities and Accumulations

To amend the law relating to the avoidance of future interests on grounds of remoteness and the law relating to accumulations of income.

Now an Act of Parliament

The story so farThe Perpetuities and Accumulations was introduced in the House of Lords on 1 April 2009 by Lord Bach (Labour). It completed its passage through Parliament and became law, receiving Royal Assent on 12 November 2009.

What the bill does

<p>The Bill aims to simplify and modernise two distinct but related legal rules, 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 Committee Report of 25 February 2008. </p><p>Key areas</p><ul><li>The rule against perpetuities restricts the time period within which future interests in property must vest. In specified circumstances, the Bill would replace the existing common law and statutory perpetuity periods with a single statutory perpetuity period of 125 years. </li><li>The rule against excessive accumulations restricts the period during which trust income may be accumulated and not paid to an income beneficiary as it arises. The Bill would repeal the present rule. A 21-year maximum statutory accumulation period would apply to charitable trusts.<br></li></ul>

Progress through Parliament

  1. 1st reading Lords 1 Apr 2009
  2. Second reading committee Lords 28 Apr 2009
  3. 2nd reading Lords 28 Apr 2009
  4. 2nd reading Lords 11 May 2009
  5. Committee stage Lords 20 May to 30 Jun 2009
  6. Report stage Lords 13 Jul 2009
  7. 3rd reading Lords 20 Jul 2009
  8. 1st reading Commons 20 Jul 2009
  9. Second reading committee Commons 19 Oct 2009
  10. 2nd reading Commons 21 Oct 2009
  11. Committee stage Commons 27 Oct 2009
  12. Report stage Commons 2 Nov 2009
  13. 3rd reading Commons 2 Nov 2009
  14. Royal Assent Unassigned 12 Nov 2009

Source: the official bill page. Last updated 20 Nov 2009.