Around 4,000 users of its Wise Assets service were notified that they had been provided with incorrect tax statements covering the period from 2021 to 2025.

The Financial Times reported that the company was in talks to cover any tax shortfalls and compensate customers who had overpaid as part of a “bulk settlement”.

The issue was reported by Wise after it discovered, following internal checks, that third-party software had made an error that meant around 4,000 users were given incorrect capital gains and income figures to declare in their self-assessment tax returns.

The company said: “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. We have fixed the issue, issued corrected statements to affected customers and are proactively redressing potential liabilities, with no ongoing risk to customers.”

The latest issue comes after Wise was denied a banking licence in the US in July over “longstanding deficiencies” in its anti-money laundering checks. The previous month, it emerged that authorities in Brussels had launched an investigation into Wise over concerns that its accounts had been used for money laundering.

Wise chief executive Kristo Kaarmann was fined £350,000 by the Financial Conduct Authority in October 2024 after failing to inform the regulator about “significant tax issues” during an assessment of whether he was “fit and proper” to run a company.

He was also fined £365,651 by HMRC in February 2021 after failing to inform the tax authority about a capital gains tax liability when he sold shares worth £10m in 2017.