Last updated: 22 Jul 2024 12:00 Posted in:
Tolley has announced the development of Tolly+ AI, a generative AI product designed to transform tax research and guidance.
Tolley+ AI is using the same underlying and proven technology that drives Lexis+ AI, the generative tool for lawyers, the company said. Launching the product, it said “the role of generative AI in the UK tax market is of growing interest and importance”. A new Tolley report, ‘How Generative AI is Transforming Tax Practice’, reveals that UK tax professionals have been quick to recognise the efficiency benefits of generative AI.
The survey of 446 UK tax professionals in private and in-house practice reveals that 66% of tax professionals are either using or plan to use AI for work purposes. The report goes on to reveal that 32% of tax professionals in private practice have made AI-related changes to their day-to-day operations. It said in-house tax teams are a step ahead of their private practice colleagues, with 43% saying they have changed their ways of working, including 24% adopting new AI
policies, 18% launching AI-powered tools for internal use and 14% delivering staff training.
Despite the interest in AI, 79% of UK tax professionals have some level of concern over the ethics and trustworthiness of public-access and free-to-use generative AI platforms citing “lack of trust” and “potential content hallucinations” as their main concerns. However, 71% said they would be “somewhat” or “completely comfortable” using AI-powered tools that were grounded in proven, authoritative tax research and guidance content.
The company commented: “Tolley+ AI is grounded in up-to-date and exclusive Tolley tax content. Tolley+ AI will be able to provide answers to tax questions with results that are always linked back to the underlying source. “Tolley+ AI will feature conversational search, insightful summarisation, intelligent drafting and document upload capabilities, all supported by state-of-the-art encryption and privacy technology to keep sensitive data secure.”
Jon Scriven, Director of Tax Markets at Tolley, added: “AI is set to transform and revolutionise the practice of tax and it is clear that tax professionals are keen to embrace the value that generative AI can offer.
