Tolley launches Tolley+ AI to transform UK tax practice

Tolley has announced the development of Tolley+ AI, a generative AI solution, alongside the release of a report detailing how AI is changing tax practice. The report, titled "How Generative AI is Transforming Tax Practice," highlights the growing adoption of AI among UK tax professionals. Conducted between March and May 2024, the survey reflects current attitudes, priorities, and concerns related to AI integration in the tax industry.

According to the report, more than 66% of UK tax professionals are either currently using generative AI or plan to do so soon. The study, which surveyed 446 UK tax professionals, emphasises that AI solutions, such as Tolley+ AI, have the potential to transform the tax industry by leveraging Tolley's extensive and authoritative tax content. Tolley+ AI will utilise generative AI technology combined with proprietary search capabilities to offer verifiable and citable results.

Jon Scriven, Director of Tax Markets at Tolley, commented on the transformative potential of AI in tax practice. "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," he said.

The report further details the distinct approach between private practice and in-house tax teams regarding AI adoption. Of those surveyed, 32% of tax professionals in private practice have implemented AI-related changes in their daily operations. In contrast, 43% of in-house tax teams have made similar adjustments, including introducing new AI policies and tools and providing staff training.

Despite the enthusiasm for AI, the survey also reveals significant concerns among tax professionals. Approximately 79% of respondents expressed worries about the ethics and trustworthiness of public-access generative AI platforms, citing issues such as lack of trust and potential content inaccuracies. However, 71% indicated they would be more comfortable using AI solutions grounded in proven and authoritative tax research.

Gerry Duffy, Managing Director at LexisNexis UK, highlighted the strategic importance of combining advanced technology with high-quality tax research. "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," he stated.

The development of Tolley+ AI will be informed by the experience and expertise gained from the launches of Lexis+ AI in the USA, Australia, and the UK. The solution will offer features such as conversational search, insightful summarisation, intelligent drafting, and document upload capabilities, all supported by advanced encryption and privacy technology to ensure data security.

Tolley is committed to responsibly developing AI solutions with human oversight. As part of the LexisNexis and RELX family, the company adheres to the RELX Responsible AI Principles, which aim to mitigate the creation or reinforcement of unfair bias and consider the real-world impact of AI solutions.

To further support tax professionals in understanding AI and its implications, Tolley has introduced the Tolley+ AI Insider programme. This initiative will provide exclusive access to webinars, thought leadership, and the latest updates on AI technologies. Participants will also be among the first to experience the Tolley+ AI platform.