Section 66 — Property Law Act 2007: Future interests to carry accumulated income

66 Future interests to carry accumulated income (1) This section applies to an interest in property— (a) created by an instrument coming into operation on or after 1 January 1953; and (b) taking effect at a future time. (2) The interest in the property carries the income from the property that accumulates during the period— (a) beginning on the later of the following dates: (i) the date on which the instrument comes into operation; or (ii) the date on which the operation of any preceding interest ends; and (b) ending on the close of the day before the date on which the future interest takes effect. (3) This section applies subject to the instrument making some other provision for the disposition of income during that period. Compare: 1952 No 51 s 35