George Osborne has announced that he will crack down on non-doms who evade or aggressively avoid taxation.
Widely anticipated before the Budget, Osborne said he would name and shame tax avoidance schemes.
We've stopped these blatant abuses that were allowed to flourish, and many others. But we said to the British people we would do more – and find a further £5bn a year, and I can confirm we have done so.
The non-dom system has been an important feature of the tax scheme, he says, and "abolishing it would, as Ed Balls noted, probably cost the country money". But there are some "unfairnesses" in the regime.
There are some fundamental unfairnesses in the non-dom regime that I am putting a stop to today. From now on they will pay the same level as tax as everyone else.
It is not fair that people who are born in the UK to parents who are domiciled here, can later in life claim to be non-doms and live here.
It is not fair that non-doms with residential property here in the UK can put it in an offshore company and avoid inheritance tax. From now on they will pay the same tax as everyone else.
The changes will raise £1.5bn in cash for the exchequer, which will come into effect in 2017.
Those born in the UK to parents domiciled here will not be able to inherit non-dom status.
People will not be able to have permanent non-dom status. Anyone resident in the UK for 15 of the last 20 years will pay full UK tax.
Non-dom status was meant to be temporary but it became permanent for a lot of people, he said, so "I am today abolishing permanent non-dom tax status."
British people should pay British tax in Britain – and now they will.
Osborne also said "the richest are now paying a greater share of tax than they used to and a greater share of state support is going to the most vulnerable".