(1)A trustee may acquire freehold or leasehold land in the United Kingdom—
(a)as an investment,
(b)for occupation by a beneficiary, or
(c)for any other reason.
(2)“Freehold or leasehold land” means—
(a)in relation to England and Wales, a legal estate in land,
(b)in relation to Scotland—
(i)the estate or interest of the proprietor of the dominium utile or, in the case of land not held on feudal tenure, the estate or interest of the owner, or
(ii)a tenancy, and
(c)in relation to Northern Ireland, a legal estate in land, including land held under a fee farm grant.
(3)For the purpose of exercising his functions as a trustee, a trustee who acquires land under this section has all the powers of an absolute owner in relation to the land.
The powers conferred by this Part are—
(a)in addition to powers conferred on trustees otherwise than by this Part, but
(b)subject to any restriction or exclusion imposed by the trust instrument or by any enactment or any provision of subordinate legislation.
(1)This Part does not apply in relation to—
(a)a trust of property which consists of or includes land which (despite section 2 of the [1996 c. 47.] Trusts of Land and Appointment of Trustees Act 1996) is settled land, or
(b)a trust to which the [1925 c. 24.] Universities and College Estates Act 1925 applies.
(2)Subject to subsection (1), this Part applies in relation to trusts whether created before or after its commencement.