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Perpetuities and Accumulations Act 1964

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Accumulations

13Amendment of s. 164 of Law of Property Act 1925

(1)The periods for which accumulations of income under a settlement or other disposition are permitted by section 164 of the Law of Property Act 1925 shall include—

(a)a term of twenty-one years from the date of the making of the disposition, and

(b)the duration of the minority or respective minorities of any person or persons in being at that date.

(2)It is hereby declared that the restrictions imposed by the said section 164 apply in relation to a power to accumulate income whether or not there is a duty to exercise that power, and that they apply whether or not the power to accumulate extends to income produced by the investment of income previously accumulated.

14Right to stop accumulations

Section 2 above shall apply to any question as to the right of beneficiaries to put an end to accumulations of income under any disposition as it applies to questions arising on the rule against perpetuities.

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