Tax deductible travelling cost on research trips visiting overseas fund managers?
My client has a very successful retail business and it generates a lot of significant excess cashflow. While interest income is practically zero, my client decided to look at the investment opportunities of different funds managers in different countries, and spent very heavily attending and visiting a number of overseas funds managers with the assistance of an investment advisor who accompanied him on these research trips. My question is, whether a trading (non investment) company who spends on reviewing options with the intention of efficiently utilising and optimising the company's reserves, cash or otherwsie, would meet the "wholly, exclusively, and necessarily" conditions.
Many thanks for your comments.