Right now, Assets is only available to UK residents and most businesses that are tax resident in the UK. We’re working on expanding it to more customers, and we’ll let you know when we’re done.
When you hold your money as stocks using Assets, you might have to pay some tax on your earnings. It depends on your personal situation, and how much money you’ve made.
What taxes might I need to pay?
What you’ll need to pay depends on things like:
the tax laws in the countries you’re a tax resident in
how much money you’ve made or lost across all of your investments
Many countries require you to pay a kind of tax called capital gains tax. This is tax on investment gains you make each financial year, and you normally get a tax free allowance up to a certain amount.
Because the rules are different depending on where you live, it’s worth checking your local tax authority’s website to understand what you need to do.
If you’re a tax resident in the UK, as well as capital gains tax, you'll also need to report your share of any income that the fund makes. And you may need to pay income tax depending on the amount. BlackRock (the fund manager) will publish this information, between April and September each year. We’ll share this information with you and you’ll need to include it when you next report your tax. You can read more about reporting tax for this kind of fund in this guidance on offshore funds from KPMG.
To report your tax, you’ll need to submit a Self Assessment tax return to HMRC every tax year. You can read more about how to submit your Self Assessment at GOV.UK.
If you’re still not sure, speak to a tax advisor. Wise can’t give you advice on your personal tax situation.
How do I find out my taxable earnings from Assets?
To find out how much money you’ve made or lost using Assets, you can download a stocks tax report from your account. To do this, go to the Account section and select ‘statements’, then select ‘Stocks tax report’.
At the moment, these reports just give information about your gains and losses, and any combined buy or sell orders we make when you add or spend money. But we plan to improve this report in future to give you a total annual gain or loss number, to make tax reporting easier.
What tax information does Wise collect?
When you start using Assets, we’re required to ask where you’re a tax resident. This means the country where you usually live and pay tax.
Depending on where you live, we might also ask for your tax identification number.
Who does Wise share tax information with?
We’ll only share your tax information with relevant government tax authorities if we need to. This is so Wise complies with international tax standards like the Common Reporting Standard (CRS) or the Foreign Account Tax Compliance Act (FATCA).
Information we might share includes where you're a tax resident, information about your gains and losses, and the amounts of money in accounts that you hold as stocks.
We have to share this information because we’re a regulated financial institution, and we need to comply with international tax law.
Remember — you’ll still need to report your tax information and pay any taxes that might be due.
How can I get more advice about my tax obligations?
Wise can’t give you tax advice. If you’re not sure about your personal situation and the taxes you need to pay, it’s worth speaking to a tax adviser or your local tax authority.