CGT Incidental costs
Possibly silly question, but here goes.
Client pays say £100k to an investment manager who deducts an initial charge of £2.5k and then purchases unit trusts/OEICs with the balance of £97.5k
I have calculated the CGT on subsequent disposals using the relevant costs of the units out of the £97.5k balance, but is a proportion of the initial charge allowable as an incidental cost under TCGA s38 or not.
Reading the section I think possibly not, but....?