I'd just settle for natural consequences on this one. He won't get to open his presents with his siblings on Christmas. Period. He'll get a taste of what Christmas morning MIGHT have been like, had he been able to wait.
But the gifts were for him, right? Should they not be for him now because he didn't open them at the "correct" time? Sure, he spoiled your surprise moment, and it would have been fun for you to watch him open his gifts. You are disappointed that he took "your" tradition away from you. But Christmas morning is really more for the kids than the parents.
So talking to him is one thing, and explaining why you are disappointed, and allowing him to sit and watch everyone else open gifts will probably bring home the message that he spoiled some of his own fun. I'd even make him in charge of handing gifts around to others, perhaps.
But punishing by taking the toys away? I just can't go there… especially because he never in his wildest imaginings would have guessed at such a severe punishment. The shaming, the guilting, the humiliation he's probably already received would have turned me cold as a child (I know because this was how my mom rolled), and I would have felt so emotionally flat and hopeless, I doubt that I would have showed the amount of remorse that might have satisfied her. I've watched this same hopeless lack of affect in many other children over the years, too.
Sometimes we are inclined to punish because we think we are supposed to or our kids will run all over us. In my own experience, there are sane and effective ways to teach children with almost no punishment. I hope you'll look into the lovely book, How to Talk So Kids Will Listen, and Listen So Kids Will Talk, by Faber and Mazlish.
The book is loaded with real-life examples of how parents made a positive, empathetic connection with their children, while making their own needs and requirements clear. By the time you finish each chapter, you'll be equipped to put the lessons to work in your own family. I can't recommend this gem highly enough.