Brewdog founder James Watt has been met with criticism after asking his followers to vote on whether he should delay his marriage to TV star Georgia Toffolo to ensure he does not miss out on tax relief.
The founder of the brewery and pub chain, who stepped down as chief executive of BrewDog in May amid controversy over staff wages, announced his engagement to the Made In Chelsea star in October.
But in a post on LinkedIn, Mr Watt has now said his tax adviser “dropped a bombshell” that has left him contemplating whether to hold off on his marriage.
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He explained he was making an investment in Wild Pack, a raw dog food business founded by Toffolo.
“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 said.
“So now I’m facing the ultimate question: Delay the wedding for three years and lock in the tax relief? Or forgo the tax break and marry Georgia in 2025? What would you do?”
The multimillionaire entrepreneur asked his followers to vote, giving them two options: “Love always wins – take the tax relief hit or true love can wait for three years – secure the relief.”
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Following the post, founder of Gen M, Heather Jackson, whose company works with brands to better represent the menopause, said: “Marry her immediately…but also set up a campaign to change this bloody ridiculous policy.
“Finding the one and building and supporting incredible business are two of the hardest goals in life to achieve, most only find one if they are lucky.”
Another person added: “Marry. If you are putting business before your relationship you should quit the relationship now.”
While another person wrote: “Marry her and forget the tax implications. You never know what is ahead of you.”
The Enterprise Investment Scheme (EIS) allows investors to claim up to 30% income tax relief on investments up to £1m per tax year.
Source : Sky News
