By Legal Futures Associate LexisNexis
The role of generative AI in the UK tax market is of growing interest and importance. The 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. 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.
Tolley has also announced the development of Tolley+ AI™, a generative AI solution designed to transform tax research and guidance. Grounded in the largest repository of accurate and exclusive tax content, Tolley+ AI combines the power of generative AI with proprietary search technology. Results on Tolley+ AI will always be backed by a verifiable, citable authority or source allowing users to check the validity of results instantly and effortlessly. It leverages the global expertise and experience of over 2,000 technologists, data scientists and subject matter experts to develop, test and validate an AI solution specifically for the UK tax industry.
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.
“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” commented Jon Scriven, Director of Tax Markets at Tolley.
Gerry Duffy, Managing Director at LexisNexis UK added “By combining our advanced technological capabilities with outstanding Tolley tax research and guidance content, we will be able to help our customers accelerate their workflows, increase productivity and gain a clear competitive advantage.”
To support tax professionals in their understanding of AI and the opportunities it will present, Tolley has created the Tolley+ AI™ Insider program. This will offer free and exclusive access to webinars, thought leadership and breaking news on the latest AI technologies. Curated by Tolley, there will be insights from tax market leaders, innovation and technology evangelists and in-house experts. Tolley+ AI Insiders will be among the first to experience the Tolley+ AI platform.
To read the report How Generative AI is Transforming Tax Practice and become a Tolley+ AI Insider, visit https://www.lexisnexis.co.uk/research-and-reports/tax-generative-ai-report-2024.html
