James Watt, the multimillionaire co-founder of the “punk” beer brand Brewdog, has taken to LinkedIn to gauge an unusual business proposition, asking his reality star fiancee to delay their marriage by three years for a tax break.
Watt, who describes himself as “Captain and Co-Founder” of Brewdog on LinkedIn, went to the platform with a predicament for his 422,000 followers, saying his tax advisor had “dropped a bombshell” on him.
Watt says he has invested in his fiancee, reality star Georgia Toffolo’s, raw dog food business, Wild Pack. However, to avoid “HMRC’s connected persons” rules, Watt says he would be forced to delay his marriage to Toffolo by three years to take advantage of the tax relief tied to the investment.
“Now I’m facing the ultimate question,” said Watt.
“Delay the wedding for 3 years and lock in the tax relief? Or forgo the tax break and marry Georgia in 2025?”
He gave followers two choices in the comments, with more than 1,000 people replying to Watt.
“A) Love always wins – take the tax relief hit”
“B) True love can wait for 3 years – secure the relief”
Watt’s motivations
Watt’s motivations for the post, beyond the big question about how serious he is about potentially delaying his wedding for a tax break, are unclear.
It could be a soft marketing ploy for his fiancee’s burgeoning dog food brand, which has tried to date has tried to hype its brand with an aggressive anti-establishment strategy.
In October, U.K. Pet Food, the trade association representing pet food in the U.K., accused Wild Pack of “deliberate misinformation” that “risks causing pet owners unnecessary alarm and concern” after Toffolo accused the group of running a “Kibble Cartel.”
Toffolo, nicknamed “Toff,” claimed mainstream pet food brands were using ultra-processed ingredients and highlighted that the president of FEDIAF worked as an exec at Nestle Purina.
Toffolo’s strategy is similar to those employed by Watt and his Brewdog co-founder Martin Dickie, when the brand first launched in 2007. The group crowdfunded using an “Equity for Punks” model, hyping its “anti-business business model.”
In 2015, Watt threw taxidermy cats out of a helicopter over the City of London, in a dig at “fat cats” that the group had avoided receiving finance from in place of its crowdfunders.
However, Watt, who describes himself as a “punk” in his LinkedIn description, has comfortably eschewed the title through his business decisions and lifestyle as Brewdog has grown into a mainstream brand.
Brewdog lost its ethical B Corp status in 2022 after workers signed an open letter alleging a “culture of fear” and bullying at the brewer. The group also pulled out of the real living wage scheme early in 2024.
The BBC revealed in 2022 that the Brewdog “captain” Watt had owned “sizeable” shares in Heineken since 2018, which seemed anathema to his company’s initial vision. He was also spotted attending right-wing MP Nigel Farage’s 60th birthday this year alongside Toffolo.
Watt’s net worth was estimated at £262 million in 2018 when he appeared on the Sunday Times Rich List. He has not appeared on the list since.
Therein lies another potential motivation for Watt’s LinkedIn post: pouring further scorn on the U.K.’s tax system.
In October, Watt criticized Chancellor Rachel Reeves amid reports she would increase the main corporation tax rate. In her October budget, Reeves kept the corporation tax rate on profits over £250,000 at 25% until the next election.
In the U.K. investors backing small private companies can take advantage of EIS (Enterprise Investment Scheme), which allows them to claim 30% tax relief on investments of up to £1 million—potentially helping them to slash their income tax bill by up to £300,000.
