Meanwhile, one wealth management chief said that his clients had issued instructions to sell their shareholdings in anticipation of a higher capital gains rate.

In contrast, capital gains on stocks or other securities held in a regular taxable account for at least a year would be taxed at the lower long-term capital gain rate.

Payouts would, instead, be taxed at the capital gains rate, which stood at 10%.

Meanwhile, the executives' tax bill on the $3.7 billion raised will come to $555 million because they will be charged at the 15 per cent capital gains rate.

Subject to certain phase-in rules, the top marginal long term capital gains rate fell from 28% to 20%.