diff --git a/CHANGELOG.md b/CHANGELOG.md
index 2e62a2efbc..10916d4f23 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,3 +1,9 @@
+# 1.56.1 (Aug 21, 2023)
+
+BugFixes
+* Fix adding of schematics tags if they are service/access tags ([4755](https://github.com/IBM-Cloud/terraform-provider-ibm/pull/4755))
+* allow workspace type 1.4 for schematic ([4756](https://github.com/IBM-Cloud/terraform-provider-ibm/pull/4756))
+
 # 1.56.0 (Aug 08, 2023)
 
 Removal
diff --git a/version/version.go b/version/version.go
index b14116c92c..9a70261956 100644
--- a/version/version.go
+++ b/version/version.go
@@ -5,7 +5,7 @@ import (
 )
 
 // Version is the current provider main version
-const Version = "1.56.0"
+const Version = "1.56.1"
 
 // GitCommit is the git commit that was compiled. This will be filled in by the compiler.
 var GitCommit string