We only purchased the property in March 2013 as we intended to live in it ourselves. Therefore, at the moment there has been no increase in value.
If both of us were deceased in 5 years time from the answers to date I assume that any increase in value (in addition to the initial price paid) would be liable to tax regarding our estate. Can you confirm if I have understood this correctly?
We have 2 sons who would inherit our estate which currently includes 3 let properties, the home we live in and the bungalow we plan to gift to my parents. Total value £800,000.