James Watt faces a dilemma over marriage timing due to tax implications.
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James Watt, the owner of BrewDog, is currently navigating a complex situation regarding his upcoming marriage to Georgia Toffolo, a former star of the reality show Made in Chelsea. Recently, Watt took to LinkedIn to pose a thought-provoking question to his followers: “Should I delay marrying Georgia Toffolo?” This inquiry stems from a significant investment he is making in WiLD PACK, a UK-based company specializing in raw dog food.
The venture, which aims to enhance the lives of dogs through natural nutrition, is co-founded by Toffolo herself.
Investment implications on personal life
Watt’s engagement to Toffolo, announced in October, has now become intertwined with his business decisions.
After stepping down as BrewDog’s chief executive earlier this year, Watt received unexpected advice from his tax consultant. He learned that marrying Toffolo within three years of his investment would classify him as a “connected person” under HMRC regulations, resulting in the loss of valuable Enterprise Investment Scheme (EIS) tax relief. This revelation has left Watt contemplating his next steps, as he humorously remarked, “If anyone knows about a loophole, I am all ears.”
Public engagement and personal reflections
In light of this predicament, Watt has engaged his social media followers for their opinions, presenting them with two potential paths forward. The couple, who split their time between the north-east of England and London, recently enjoyed a visit to Aberdeenshire, where Toffolo expressed her growing affection for Scotland. She shared her thoughts on Facebook, stating, “Scotland really feels like that to me now, which is crazy. I hope when we are both old and grey this is our life.” This sentiment highlights the couple’s desire for a future together, despite the current uncertainties surrounding their marriage plans.
Future prospects and personal happiness
As Watt navigates the complexities of his investment and personal life, he remains optimistic about the future. He envisions a life where he can balance his business endeavors with personal happiness, joking about the prospect of fishing for lobsters and enjoying simple meals with Toffolo. The couple’s relationship appears to be built on a foundation of mutual support and shared dreams, even as they face external pressures from the business world. Ultimately, Watt’s decision will not only impact his financial landscape but also shape the trajectory of his relationship with Toffolo.
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