Wise (LSE:WISE) shares declined 2.6% on Thursday following a Financial Times report that the financial technology company plans to cover potential customer tax liabilities arising from incorrect statements issued through its Wise Asset investment service.
According to the report, Wise contacted approximately 4,000 UK customers this week after identifying errors in tax statements covering the period from 2021 to 2025.
The inaccuracies resulted from calculations produced by third-party software used to determine capital gains and investment income from stocks and funds. These figures are relevant to customers’ tax declarations to HM Revenue & Customs (HMRC).
The Financial Times reported that Wise is negotiating a bulk settlement with HMRC to address any tax shortfalls resulting from the incorrect statements. The company also intends to compensate customers who paid more tax than required because of the errors.
Wise indicated that receiving an incorrect statement did not necessarily mean a customer had submitted an inaccurate tax return, as individual tax liabilities depend on personal circumstances.
The company said it has corrected the software issue and provided revised statements to affected customers.
According to the report, Wise stated that it had resolved the problem and was taking steps to address potential customer liabilities. The company also said there was no continuing risk to customers from the identified issue.
Wise Asset, which allows customers to invest in stocks and funds through the company’s platform, has attracted approximately US$9 billion in customer investments globally.
The tax reporting issue follows separate regulatory developments involving Wise during 2026.
In June, Belgian authorities opened an investigation into potential money laundering offences involving the company, including whether its accounts had been used by international criminal organisations. The investigation concerns possible offences, and the supplied report does not establish any finding of wrongdoing by Wise.
In July, US regulators rejected Wise’s application for a banking licence, citing deficiencies in its anti-money laundering controls.
The latest disclosure concerns the accuracy of historical customer tax statements rather than the underlying investment holdings within Wise Asset.
Wise is a London-listed financial technology company providing international money transfers, multicurrency accounts and investment services. Its Wise Asset offering enables eligible customers to invest through the company’s digital platform.
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