The Perpetuities and Accumulations Act 2009 will come fully into force on 6 April 2010 by virtue of a commencement order announced in Parliament last week.
We previously reported on this important new legislation in our alert Perpetuities and Accumulations Act 2009 on 17 November 2009, shortly after the Act received Royal Assent.
The Act abolishes the rule against perpetuities for most kinds of land interest, including options, and it also amends the rule against excessive accumulations.
The new rules apply to interests created on or after 6 April 2010. Options created on or after this date will no longer have to be exercised within 21 years.
For more details, read our original alert.