BrewDog co-founder James Watt considers delaying marriage to max-out tax relief

BrewDog co-founder James Watt said he is considering “delaying his marriage” to Georgia Toffolo to avoid missing out on valuable tax reliefs.

Mr Watt posted on the professional social media platform LinkedIn on Tuesday, revealing he that he faces a tax bill for his investment in Ms Toffolo’s dog food business if it falls within three years of their marriage.

He asked his followers on the platform whether he should “delay the wedding for three years and lock in the tax relief” or “forgo the tax break and marry Georgia in 2025”.

It regards the enterprise investment scheme, which supports start up firms by offering income tax relief of up to 30pc to investors, up to a maximum of £2m.

In a 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 3 years of investing, I become a ‘connected person’ under HMRC rules, and I lose the EIS tax relief.”

Mr Watt then asked followers to vote on two options, either: “Love always wins – take the tax relief hit” or “true love can wait for three years – secure the relief”.

Former BrewDog boss James Watt stepped down from the beer firm in May, 17 years after he co-founded the Scottish brewer and pub group.

Mr Watt handed over the reins to chief operating officer James Arrow, but said he would remain with the group as a non-executive director on the board and continue to advise the group on strategy.

The group said it had put in place succession plans after Mr Watt first told the board last year he wanted to step away to focus on his other projects and interests.