Life interest Trust - Advancement of Capital

Dear All,

I am a trainee solicitor and sought some advice on Wills and Trusts.

I have prepared a Life Interest Trust (LIT) Mirror Will, for the benefit of the surviving client/spouse to reside in the property/family home for life.

What I would like to know, can I expressly allow for the LIT Will to allow the life tenant to receive income as well as capital and to be able to receive capital advancements the during the Life interest trust / after the property has been sold?
If this is possible what would be the tax implications of this? CGT? IHT?
Will this have an effect on RNRB available?
A final question, will this change the LIT Will to a flexible LIT Will or into another variation of the LIT will?

Thank you in advance.

Regards,

Sunny
Trainee Solicitor, Family Law
sunny@abs-solicitors.com