However the biggest losers today are undoubtedly the non-domiciles of the UK, which will have been surprised by the very real shift in attitude towards them by the current government. Indeed, while many might have expected such an attack from a Labour government, few could have predicted that the first true-blue Conservative government would go after them so aggressively.

In an era where capitalism has been a dirty word ever since the financial crisis, there is little sympathy for non-doms in the UK, especially when combined with reports of swathes of Kensington and Chelsea properties lying unused for months. For much of the general public, non-doms represent much of what has been wrong with the ‘fat cat’ society of years gone by and the Budget showed that the days of tax evasion could soon be over.

Osborne announced plans which will come into effect in April 2017, stating that any UK resident in the country for more than 15 of the past 20 years will be required to pay full taxes on international income and gains. While the reform doesn’t eliminate the non-dom status, further changes also mean that the children who are born in the UK to UK-domiciled parents will be unable to claim non-dom status if they were to leave the country and then return to take up residency.

Although a shrewd political move by the Chancellor, these changes will drastically impact the financial plans of this very affluent section of society. While reducing the amount of years from 20 to 15 may seem minor, it remains an important indication that the planning of assets will have to begin much earlier for many.

Indeed the biggest impact these changes will have are in the home for many of the non-doms. With family, inheritance and legacies such a core consideration for many in this group of society, the removal of their children as non-dom beneficiaries will come as a serious blow.

We have already seen The IOD warn against the impact of going after non-doms so aggressively, and it must be acknowledged that many non-doms have contributed enormously to business, public life and wider society in the UK. Many in the international finance community have chosen London specifically as their headquarters directly because of the current tax system.

With HM Revenue & Customs finally meeting the public’s cries to look at this group in society, it will be fascinating to see how they propose to actually implement this- how could they feasibly ascertain whether a non-UK resident has passed on? Surely any financially savvy family could just transfer ownership to the next generation easily enough?

The key for many now will be looking at the offshore options available to them, to understand the intricacies of the tax system, and how they can benefit from it, while still managing their estate effectively. One thing seems certain however, that while the non-doms days might not be numbered, this summer Budget has ensured they are certainly going to be trickier.