But Daryl Grundy, chief executive at Ithavoll Capital, said the additional 10 per cent tax was unlikely to deter most deals in which sellers were already set on completing.
Mr Grundy said: "It is also not uncommon to see a business which is valued at, say, £4m but there are three shareholders and therefore, split each way, the net increase in the tax is pretty minimal.
"I don’t think it’s going to put a stop to deals and I think people will now start planning ahead.
"The one word of caution I would add, is there might be a situation where a seller asks the buyer to increase their offer by 10 per cent to reflect the increase in tax.
"And I think certainly what we are seeing is the buyer being much more punchy about what they are prepared to do at the top end. I do see the buyer circle is much more in control in terms of what they are willing to put out there."
But Mr Grundy said if a seller goes into a deal with control over the negotiation process, with multiple interested parties, it is possible to encourage a buyer to bid up on the offer price.
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