Tolley has announced the development of Tolley+ AI, a generative AI solution 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 announcement comes as Tolley releases the finding of a new report that reveals some 66% of tax professionals are either using or planning to use AI for work. The survey also discovered that 32% of tax professionals in private practice have made AI-related changes to their day-to-day operations. In-house 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.
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.
“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 (pictured), Director of Tax Markets at Tolley.
