Perpetuities and Accumulations Bill [HL]

My Lords, I was a Member of the Committee on the Perpetuities and Accumulations Bill. While I do not wish to oppose the Bill, I want to place on record our disappointment that the Government have not taken steps to consolidate the legislation in this important, if technical, area. In brief, the perpetuities legislation sets limits on the period during which a person may set conditions applying to his or her estate. It applies to every will made in this country, so it is potentially very wide in its application. This Bill will raise the perpetuity period from 80 to 125 years, so it is long lasting. Indeed, it was suggested by one of our witnesses that the Bill committee should be asked to reassemble in 2135 to see whether the Bill had stood the test of time. Perpetuities and accumulations legislation was last revised in 1964, a mere 45 years ago—the twinkling of an eye in these matters. We will now have three different sets of legislation applying to perpetuities and accumulations: the legislation applying pre-1964; the legislation applying between 1964 and 2009, or whenever this Act comes into force; and this legislation, applying hereafter. It is a great shame that the Government have not taken the chance to consolidate all this legislation into one statute. It is inherently unsatisfactory to have legislation on important issues dotted about all over the place. I hope that the Minister will be able to give the House some reassurance that at least the Law Commission, whose Bill this very largely is, will be asked to bring forward a consolidated measure in the very near future.