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The International Monetary Fund and the Bank of England have become the latest major financial institutions to warn that the global stock market is at risk of a significant correction should investor enthusiasm for artificial intelligence cool. Speaking ahead of the IMF's annual meetings, chief Kris

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HM Revenue & Customs' (HMRC) sophisticated "big data" system, known as Connect, has been credited with generating an additional £4.6 billion in tax revenue during the 2024-25 financial year. This figure, revealed in a freedom of information request made by Pinsent Masons, represents a 35%

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HM Revenue & Customs (HMRC) has been accused of a "cover-up" regarding its staff's unauthorised use of artificial intelligence to reject research and development (R&D) tax credit claims. The controversy follows a legal defeat in August, where a tax tribunal ordered HMRC to disclose whether i

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Katharine Wooller explores the adoption of artificial intelligence in the financial services industry, weighing the technology's transformative potential for efficiency, customer service, and inclusivity against the significant challenges of regulation, data governance, and ethical risks. AI is much

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A new programme helping Scottish companies seize the benefits of artificial intelligence (AI) has been launched. Supported by nearly £1 million of Scottish Government funding, it will offer small and medium-sized businesses (SMEs) a range of support – including tailored consultancy servi

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KPMG Australia has developed a sophisticated AI agent that prepares complex tax advice in a single day – a task that previously took human teams two weeks. The 'agentic' AI system was built using a colossal 100-page prompt, marking a significant leap in the firm's adoption of artificial intell

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A judge has criticised a taxpayer for using an artificial intelligence chatbot to argue his case in court after it "hallucinated" non-existent legal precedents. Marc Gunnarsson used AI to help prepare his legal submissions when appealing a decision by HM Revenue and Customs (HMRC). The tax authority

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