(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.