James Watt is considering delaying his wedding – as the BrewDog co-founder could end up benefiting financially if his nuptials are postponed.
The entrepreneur is due to tie the knot with former Made In Chelsea star Georgia Toffolo, but if he does so he will lose out on tax relief if he invests in her business.
I’m A Celeb winner Georgia runs a UK-based business, with her WILD PACK brand selling raw dog food products, and Watt says it is transforming the lives of dogs through natural nutrition. But any financial injection he makes would be within three years of their marriage, and he shared his dilemma on social media, asking for advice on what to do.
Aberdeen Live reports the Aberdeenshire beer giant’s former CEO shared an update to his LinkedIn page on Tuesday, revealing he is facing a huge tax bill if he invests. He then asked his LinkedIn followers if he should ‘delay the wedding for three years and lock in the tax relief or forgo the tax break and marry Georgia in 2025.’
In his Linkedin post, Mr Watt said: “I’m making an investment into WiLD PACK – an incredible UK-based raw dog food business transforming dogs’ lives through raw, natural nutrition. I’m a massive advocate of the mission. If I marry Georgia within three years of investing, I become a ‘connected person’ under HMRC rules, and I lose the [enterprise investment scheme] tax relief.
“But my tax advisor just dropped a bombshell on me the other day: If I marry Georgia within three years of investing, I become a ‘connected person’ under HMRC rules, and I lose the EIS tax relief.” He continued by asking his followers to vote on one of two options, either: “Love always wins – take the tax relief hit” or “true love can wait for three years – secure the relief.”
The couple have recently been splitting their time between London and Aberdeenshire, with ‘The Toff’ revealing her love for the north-east to her social media followers. Meanwhile Mr Watt stepped down from Ellon-based BrewDog back in May after 17 years with the Scottish beer giant.
Don’t miss the latest news from around Scotland and beyond. Sign up to our daily newsletter.