During his speech the chancellor repeatedly said “we are a nation that spends too much and has too much debt”.

To address that, his Budget stripped £12bn from benefit claimants alongside the much-publicised introduction of a main residence inheritance tax nil-rate band and restricting tax relief on pension contributions for additional rate tax payers.

On top of this there were many surprises in the Summer Budget that will impact the wealthy and keep their advisers busy in the coming months.

Non-domiciled tax status was changed, dividend taxation was changed and the lifetime allowance faced further changes meaning this was a Budget that presents lots of financial planning challenges and opportunities for financial advisers.

This guide will ensure you understand all the changes outlined in the Summer Budget and what action needs to be taken to ensure your clients do not find themselves worse off as a result of the chancellor’s changes.

Supporting material produced by Ian Sayers, chief executive of the Association of Investment Companies; Jason Hollands, managing director for business development and communications at Tilney Bestinvest; Chris Williams, chief executive of online investment adviser Wealth Horizon; Richard Stone, chief executive of The Share Centre and Nick Gartland, senior financial planning director at Investec Wealth and Investment.

Other contributors include Angela Murfitt, Chartered financial planner at Fairstone Financial Management; Peter McDonald, pensions partner at PwC; Alan Wilson, principal partner of St James’s Place Wealth Management; Jonathan Hopper, managing director of Garrington Property Finders; Rachael Griffin, financial planning expert at Old Mutual Wealth; Neil Jones, technical manager at Canada Life; Joe Priday, managing director of Prydis; Andy Zanelli, head of retirement planning at Axa Wealth; Gavin Moffatt, associate of independent pension advisers City Noble and Ray Boulger, senior technical manager for John Charcol.