Life interest to widow in Will, with vested absolute reversionary interests.
One of the reversioners assigns their reversionary interest to a discretionary trust.
Under s81, on the death of the widow, the property in the new trust is treated as still being in the original trust for the purposes of the relevant property regime.
Under s80, where a spouse has a life interest under a trust set up in the Will of the first to die, on the death of the spouse, she/he is treated as the settlor of the trust going forward, except that the 10 year charge dates relate back to the date of death of the first to die.
In our case, is the combined effect of the two sections that the widow is treated as the settlor of the property in the new trust, or the first to die?