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The basis of the rules against perpetuities and accumulations is that it goes against public policy to tie property up indefinitely and accumulate income for an excessive period of time. The justification is the need to place restrictions on how far one generation can control property at the expense of future generations. Therefore, the law stipulates that such property must fall within a perpetuity period. The Perpetuities and Accumulations Act 1964 (hereafter 'the Act') came into force on July 16th 1964. It was based upon a report by the Law Reform Committee in 1956 and alleviated a lot of the harsh results produced by the common law. The Act provided that an interest must vest within a specified period of time, failing which, the property returns to the settlor. The rule restricts the extent to which future interests in property can be created by requiring that they take effect within...

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