[1] The Board, now reduced to a minimum membership of a chairman and one other member,[2] continues to exist to hold the French law benefits and obligations of the Channel Tunnel Rail Usage Contract.

On 1 April 1994, railway infrastructure became the responsibility of public limited company Railtrack, initially Government owned.

Privatisation was completed in 1997, but the BRB continued to discharge residual functions relating to non-operational railway land and BR pensions, and to have responsibility for the British Transport Police.

[2] With the dissolution of the SRA under the Railways Act 2005, BRB (Residuary) became a wholly owned subsidiary of the Secretary of State for Transport.

The BRB owned a large amount of archive material, including papers, maps, films and photographs, dating back before nationalisation.