• Wise contacted about 4,000 UK users of its investment products to say their 2021-2025 tax statements were wrong, per PYMNTS, which cites an FT report of 8 October 2026.
• The error is blamed on third-party software used by a third-party provider, which miscalculated amounts earned from stock and fund investments.
• Wise is reportedly in talks with HMRC on a bulk settlement for any tax shortfall and says it will compensate customers who overpaid; terms are not public.
• Not everyone who got a wrong statement necessarily paid the wrong tax, so affected users should compare the corrected statement with what they filed.
• Wise's own help page says its UK statements come from an independent third party and are not a tax return, so the filer still carries the filing.

Wise has reportedly told about 4,000 UK users of its investment products that the tax statements issued to them for 2021 to 2025 were wrong. PYMNTS, citing the Financial Times, reported the notices on 8 October 2026. Wise blames third-party software. The count is small against Wise's overall scale, but the error landed in the paperwork customers hand to a tax authority, which is where trust in a money app is tested.

What reportedly happened

According to PYMNTS, miscalculations by third-party software, used by a third-party provider, affected amounts customers earned from stock and fund investments. That produced incorrect capital gains and income figures to declare on self-assessment returns. Wise says its in-house quality controls caught the failure, and that it has fixed the issue and issued corrected statements. PYMNTS notes not everyone would have paid the wrong tax, because personal circumstances differ. These are Wise's statements as relayed by the press; the notices themselves have not been seen.

The reported HMRC settlement

PYMNTS reports Wise is in discussions with HMRC about a bulk settlement to cover any tax shortfall, and that Wise says it will compensate customers who overpaid. Wise later said it was handling payments to HMRC. The reporting does not give amounts, the number of customers with a shortfall, or any recovery from the software supplier. All of those points remain unconfirmed, so the size and allocation of the cost cannot yet be assessed.

The statement is a guide, not the return

Wise's help page says that for UK customers it uses an independent third party to provide its summary, and that the statements are not a tax return, though they can help a customer or tax adviser prepare one. The customer still files the return, so an upstream calculation error can become a filing error. That is why a corrected statement does not close the matter for anyone who has already filed.

What this means for you

If you hold investments through Wise, download the corrected statement for each affected year and compare it with the figures you filed, keeping both versions. If they differ, ask a tax adviser whether an amendment is needed rather than waiting for the settlement outcome. For fintech operators, the practical test is whether a bought-in reporting engine is reconciled independently before statements reach customers.

Watch for the settlement terms with HMRC, how overpayers are compensated, and whether Wise discloses which years and products carried the largest errors. Until then, the 4,000 figure and the cause are reported claims, not confirmed findings.