Moving to the US and need to sell my flat

[richakn]

So here is my situation:

My wife and I are moving to the US in February 2013 and are deciding what to do with our flat. We can:

1) sell now - we will incur an £8,000 early redemption charge if we do this
2) Rent it out until November 2013, when we can sell with out early redemption charge (whilst we are living in the USA)

Here is some info:

We are moving permanently, although we could return if the situation is right (I highly doubt this will be within 5 years)
We currently live in the flat and have done since Sept 2009
I own another flat, which we will continue to rent out
The flat is in my name only
I'm a top band tax payer

Anyone know what the situation is on CGT? As it's our main residence I assume we won't pay CGT if we sell now, but will we be liable for CGT if we rent the flat out for 8/9 months and then sell whilst we are living in the USA? I don't think so from what I've read but it's a little confusing.

Also, where should I go for formal advice?

Thank you!

[pawncob]

The PPR exemption extends to three years after you vacate the flat, so a sale in 12 months time will still be wholly exempt.

[Andy100]

In addition to the exemption for the last 36months you will also be eligible for letting relief of up to £40k. £40k each if in joint names.

[Peter D]

LR does not apply to any period that falls under the 36 PPR rule. Regards Peter

[Peter D]

LR does not apply to any period that falls under the 36 PPR rule as there is no CGT liability to offset during that time. Regards Peter

[DavidTreitel]

The United States may tax both rental income and capital gains on sale of a main residence. It is prudent to take coordinated US and UK tax advice to minimise tax overall.

david.treitel@americantaxreturns.co.uk