Perpetuities and Accumulations Act 1985

Except as provided by sections 12, 13 and 14, this Act does not apply in relation to a settlement taking effect before the commencement date.

This Act applies in relation to a settlement exercising a power of appointment, whether general or special, and taking effect on or after the commencement date, whether or not it applies in relation to the settlement creating the power of appointment.

For subsection (2), a gift over in default of an appointment under a power, whether general or special, shall be treated as a settlement exercising a power of appointment.

Where a provision of a will executed before the commencement date but taking effect on or after that date creates an interest—

if that provision would not have infringed the rule against perpetuities if this Act had not been made—the provision shall take effect as if this Act had not been made; or

if that provision would have infringed the rule against perpetuities if this Act had not been made—this Act applies to the provision.