The Strategic Investment Board met on Thursday, 17 September 2026, to discuss an update on corporation tax for Halsey Garton Residential and to agree to continue with the previously agreed strategy for the company. The minutes of the previous meeting were also approved.

Halsey Garton Residential - Corporation Tax Update on Capital Gains

The Board noted updated tax advice and mitigation strategies concerning Halsey Garton Residential (HGR). It was resolved that the Board would continue with the previously agreed HGR strategy. This decision was made to ensure the Strategic Investment Board (SIB) remained informed of any developments affecting the company. The decisions made on this item can be called in by the Resources and Performance Select Committee.

The report presented to the Board indicated that in 2023, the SIB had approved HGR's strategy to dispose of all assets and wind up the company. This decision was prompted by the expenditure required for property maintenance and the costs associated with meeting legislative changes. A number of properties had been sold, and leases surrendered. The report anticipated that if sales continued at the same pace, there would be 20-25 properties left unsold by vesting day. The HGR board was expected to present a proposal on how to handle these remaining properties by December 2026.

The report also highlighted that Surrey County Council, like other local authorities, was operating in a challenging financial environment with significant future budgetary pressures. The proposed recommendations were designed to enhance governance arrangements and ensure appropriate and timely oversight and decision-making to protect Surrey County Council's interests and drive continuous improvement in company performance. The report supported the corporate priority of Growing a sustainable economy so everyone can benefit through improved financial sustainability and governance alignment.

The minutes of the previous meeting held on 15 June 2026 were agreed as a correct record. There were no declarations of interest or questions and petitions raised during the meeting.