Cautious support for generative AI among tax professionals

Two thirds of UK tax professionals have already embraced artificial intelligence according to a new report How generative AI is transforming tax practice from Tolley (publisher of Taxation). More than 66% of tax professionals either use generative AI on a regular basis or intend to do so soon.

The survey of 446 UK tax professionals revealed that despite the interest in AI 79% of UK tax professionals are concerned about 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.

On how professionals expect to use generative AI in the immediate future their biggest priorities were researching matters (91%) and drafting...