BrewDog co-founder may delay marriage to max-out tax relief
3 min read
BrewDog co-founder James Watt has revealed he may delay his marriage to reality TV star Georgia Toffolo for up to three years, in order to maximize potential tax relief on his investment in her raw dog food business. Watt shared the dilemma with his followers on LinkedIn, stating that his tax adviser had “dropped a bombshell” that could impact the couple’s wedding plans.
Toffolo, who rose to fame through reality shows like Made in Chelsea and I’m a Celebrity… Get Me Out of Here!, got engaged to Watt earlier this year. However, Watt now faces a decision after receiving tax advice regarding his potential investment in Toffolo’s business, Wild Pack, which produces raw food for dogs. According to the tax guidance he received, if the couple marries within three years of Watt’s investment, he could lose the tax relief available under the Enterprise Investment Scheme (EIS).
As Watt explained, the EIS tax relief rules classify individuals who are married or in a civil partnership as “connected persons,” which could prevent him from benefiting from the scheme if he ties the knot too soon. “If I marry Georgia within three years of investing, I become a ‘connected person’ under HMRC rules, and I lose the tax relief,” Watt said.
In an attempt to gather public opinion, Watt posted a poll on LinkedIn, asking his followers to help him decide between “tax relief” and “love.” The options he presented were: “‘A) Love always wins – take the tax relief hit’ or ‘B) True love can wait for 3 years – secure the relief.’”
Responses to Watt’s poll were mixed. One follower said, “I would take three happy years of marriage over tax relief any day.” Another commenter suggested, “Why not wait? People live together without the paperwork all over the world, many never marry.” A playful comment, referencing BrewDog’s rebellious image, quipped, “Looking to postpone your wedding to enhance your tax break options is definitely a punk thing…”
Although Watt has a history of quirky publicity stunts, it’s unclear whether he is serious about his tax dilemma or merely seeking attention. The BrewDog co-founder has often made headlines for his unconventional decisions. Just earlier this year, Watt stepped down from his position as CEO of BrewDog. He announced that he would transition to a new role as “captain and co-founder,” though he would retain his shares in the company.
Watt’s public persona has been a source of both admiration and controversy. In February, a complaint by BrewDog about a BBC documentary, which featured allegations of inappropriate behavior against Watt, was rejected by Ofcom. This, along with other incidents, has shaped his image in the media.
Despite his tax conundrum, the focus of Watt’s post was not just on the marriage delay but on the more serious matter of tax planning and investment opportunities. The Enterprise Investment Scheme, which is designed to encourage investment in small and early-stage businesses in the UK, provides tax relief to investors who back companies involved in high-risk ventures, like Wild Pack. If Watt proceeds with the investment, it could not only benefit his future marriage to Toffolo but could also help her business grow.
In the face of this dilemma, Watt’s playful poll highlights the intersection of business, love, and financial strategy. While his comments may seem lighthearted, the underlying issue involves a genuine financial consideration about how best to manage his wealth and support Toffolo’s entrepreneurial ambitions.
For now, Watt’s wedding plans remain uncertain, and it remains to be seen whether he will prioritize tax relief over matrimonial bliss—or if he’ll find a way to balance both. His public engagement with his followers is another reminder of the eccentric and attention-grabbing persona that has become synonymous with both him and his company, BrewDog. Whether this is another calculated publicity stunt or a serious decision about love and taxes, only time will tell.
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