The effect is that the property now held on discretionary trusts
is treated as a separate trust made by the person (whichever
spouse) who was last entitled to an IIP in it.
The separate trust is treated as made at the time the IIP interest came to an end, but
If the IIP ceases on death, any trusts created under the will of the person who had the last IIP will be related trusts. ( IHTM42230)