(1) This Part does not apply in relation to -

(a) a trust of property which consists of or includes land which (despite section 2 of the Trusts of Land and Appointment of Trustees Act 1996 [1996 c. 47.]) is settled land, or

(b) a trust to which the Universities and College Estates Act 1925 [1925 c. 24.] applies.

(2) Subject to subsection (1), this Part applies in relation to trusts whether created before or after its commencement.