Decision details

To purchase a portrait for onward sale to Watts Gallery, to enable the gallery to acquire the portrait at a special discounted price under HMRC taxation rules.

The Leader of the Council agreed that, subject to authorisation from HMRC being received and the required insurance cover being in place, Surrey County Council enter into an agreement to purchase the portrait of Violet Lindsay from its current owners for the sum of £89,200 and that the Council enters into an agreement to sell the portrait of Violet Lindsay to Watts Gallery for the same price of £89,200. It was further agreed that Surrey County Council enter into an agreement to loan the portrait to Watts Gallery for the short period between acquiring the portrait and selling it on.