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Wise Software Glitch Leads to 4000 Incorrect Tax Statements

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Wise Software Glitch Leads to 4000 Incorrect Tax Statements

Wise is reportedly negotiating a settlement after a software glitch affected thousands of customers’ tax statements.

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The money transfer app this week contacted roughly 4,000 U.K. users of its Wise Asset service to inform them it had given them incorrect tax statements between 2021 and 2025, the Financial Times (FT) reported Thursday (Oct. 8).

According to an email seen by the FT, Wise said it was in discussions with HM Revenue & Customs (HMRC), the UK’s tax authority, about a “bulk settlement” to address any shortfall in taxes resulting from the error, caused by a third-party supplier. The company said it would compensate customers who had overpaid.

Wise said the issue was connected to miscalculations made by its third-party software on the amounts people had earned from their stocks and fund investments. This led the 4,000 or so users to be issued incorrect capital gains and income figures to declare in their self-assessment tax returns.

Not everyone who received an incorrect tax statement would have paid the wrong amount of tax, it added, due to changes in customers’ personal circumstances.

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“Wise identified that errors in software used by a third-party provider led to incorrect tax statements for a limited number of customers using our Wise Interest and Stocks investment products,” the company said in a statement to PYMNTS.


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