- rule against excessive accumulations
England, WalesThe statutory rule that prohibits trustees from accumulating income (accumulated income) outside the accumulation periods permitted under section 164 of the Law of Property Act 1925 and section 13 of the Perpetuities and Accumulations Act 1964.The rule applies only to trusts that took effect, and wills executed, before 6 April 2010. The Perpetuities and Accumulations Act 2009 has abolished the rule for later trusts and wills, except for charitable trusts. However, the settlors of non-charitable trusts can still choose to include restrictions on accumulation in the trust document.For more information, see Practice note, Perpetuities and Accumulations Act 2009: how the law has changed: Changes to the rule against excessive accumulations (www.practicallaw.com/6-386-6091).
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
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