Here’s a news update based on the information provided:
—
**HMRC Taps British AI Firm Quantexa in £175m Deal to Combat Fraud and Tax Errors**
**London, UK** – The UK’s tax authority, HMRC, has announced a significant move to enhance its fraud detection and error correction capabilities, awarding a substantial **£175 million contract** to British tech firm **Quantexa**.
Quantexa, known for its financial data platform, will deploy its advanced artificial intelligence (AI) technology to identify and prevent fraudulent activities and rectify inaccuracies in tax returns. This partnership aims to improve compliance, streamline tax processes, and secure public finances by leveraging cutting-edge analytics to spot patterns and anomalies that might indicate fraud or genuine mistakes.
The multi-year agreement underscores HMRC’s commitment to modernizing its systems and utilizing sophisticated technology in its ongoing efforts to ensure fair and accurate tax collection across the UK.
