RSUs and ESPP shares held at Fidelity Stock Plan Services are taxed as pay when they vest or are bought, so UK capital gains tax only applies to the change in value after that. Your base cost is the market value on the vest or purchase date. To calculate the tax, download the History CSV for your stock plan account from Fidelity.com and upload it to FiscalFox under Other broker. FiscalFox applies the UK same-day, 30-day and Section 104 rules in sterling.
What FiscalFox can do with a Fidelity Stock Plan file today
A Fidelity Stock Plan Services account, the one you reach through NetBenefits, is a US Fidelity brokerage account. It is not a Fidelity UK account, so the built-in Fidelity UK import does not read its history.
- No built-in reader yet. FiscalFox does not yet have a built-in Fidelity Stock Plan import. One is planned.
- Upload under Other broker. Choose Other broker in the calculator and upload the Fidelity.com History CSV. If you are signed in, the opt-in AI import can read it. It asks for your consent before the file is sent.
- If the file cannot be read. The upload dialog offers a done-for-you report: send the file to us and we prepare your report within 2 working days for £100, or refund it in full.
- Check the acquisition costs. Compare the cost FiscalFox shows for each vest and ESPP purchase with your release confirmation or payslip before using the figures.
How UK tax treats RSU vests and ESPP purchases
RSUs. When an RSU vests you acquire the shares at their market value on the vest date. Income tax and National Insurance on that value are charged through PAYE, so the same market value is your capital gains tax base cost. You are not taxed on it twice.
ESPP. The discount you receive is taxed as employment income, so the base cost of the shares is their market value on the purchase date, not the discounted price you paid.
HMRC’s ERSM180030 (CGT interface) explains that shares acquired through employment usually have a capital gains tax cost made up of their market value when acquired, plus certain amounts already charged as employment income. Our guide to RSU and ESPP capital gains tax in the UK works through an example.
Sell-to-cover, same-day and 30-day matching
If shares are sold on the vest day to pay the tax, those sell-to-cover sales are disposals. Under the same-day rule (TCGA 1992 s105) they are matched with that day’s vest, so the gain is usually close to nil less fees. The proceeds still count towards the total disposal proceeds on your return.
If shares vest or you buy ESPP shares within 30 days after selling the same company’s shares, the sale is matched with those new shares first under the 30-day rule (TCGA 1992 s106A). With regular vests this happens often: a sale shortly before a vest takes that vest’s value as its cost, not the average cost of your Section 104 pool.
Dollars to pounds: convert each side, not the gain
A US stock plan account records amounts in dollars. Convert the acquisition cost at the exchange rate on the vest or purchase date, and the proceeds at the rate on the sale date. Never work out the gain in dollars and convert that. HMRC’s CG78310 sets this out and cites Bentley v Pike. Our guide to US shares and exchange rates shows how a dollar profit can be a sterling loss.
How to export your Fidelity Stock Plan history
Fidelity’s help page on exporting account information describes the Download button on the account History page. Menu names can vary, so these steps describe what to download rather than every click.
- Open History on Fidelity.com: Sign in to Fidelity.com and open the History page for your accounts. Some NetBenefits users report that the transaction history page there offers only Print, so use the Fidelity.com History page instead.
- Choose the stock plan account: Select your stock plan account, the longest date range available and all transaction types. If the range does not reach back to your first vest or ESPP purchase, download more than one file so every year is covered.
- Download the CSV: Select Download to save the history as a CSV. The file name begins History_for_Account_. Keep it unchanged: opening and re-saving it in Excel can change dates and amounts.
- Upload it under Other broker: In the FiscalFox calculator choose Other broker and upload the CSV. If you are signed in, you can use the opt-in AI import, which asks for your consent before the file is sent.
- Check each acquisition cost: Compare the cost of each RSU vest and ESPP purchase with your release confirmation or payslip before relying on the result. The cost should be the market value on the vest or purchase date.
NetBenefits only shows Print?
Some NetBenefits users report that the transaction history page offers only Print. A printout or PDF is not a transaction file. Use the History page on Fidelity.com, choose the stock plan account, and select Download for a CSV.
Moved your shares to Fidelity UK?
Fidelity UK offers UK residents a transfer of stock plan shares from Fidelity Stock Plan Services to a Fidelity UK investment account. Transferred shares keep their original vest or purchase cost for UK capital gains tax.
The Fidelity UK transaction history does not show that cost. Upload it under the built-in Fidelity UK import and FiscalFox asks you for the cost of the shares transferred in. Take it from your Fidelity Stock Plan history or release confirmations. A transfer between your own accounts is not a sale. If you also upload the stock plan history, for example because you sold shares before the transfer, check that the transferred shares are counted once and that the transfer out of the US account is not shown as a disposal.
Upload and price
- Open the FiscalFox calculator with Other broker selected.
- Upload the Fidelity.com History CSV. Sign in to use the opt-in AI import, which asks for your consent before it sends the file.
- Add files from other brokers where you hold the same shares, such as a Fidelity UK account you transferred them to.
- Check each vest and ESPP purchase cost, and the same-day, 30-day and Section 104 workings for each sale, then use the figures for the capital gains pages of your return. Our SA108 guide shows where each total goes.
Calculating is free. The report pack for a tax year costs £39.99, paid once, the same as for any other broker. RSU vests and ESPP purchases are included at no extra cost.
Help us build the Fidelity Stock Plan import
We are planning a built-in reader for Fidelity Stock Plan Services, like the ones for the Charles Schwab RSU and ESPP import and the Morgan Stanley at Work RSU and ESPP import. Real exports help us get it right. If you can share a sample Fidelity History CSV, tell us through the support page and we will be in touch about how to send it.
Frequently asked questions
Does FiscalFox have a built-in Fidelity Stock Plan import?
Not yet. A built-in Fidelity Stock Plan Services import is planned. Today you choose Other broker and upload the Fidelity.com History CSV; signed-in users can use the opt-in AI import, which asks for consent before sending the file. If the file cannot be read, the upload dialog offers a done-for-you report for £100, prepared within 2 working days or fully refunded.
How do I download my Fidelity NetBenefits stock plan history?
Sign in to Fidelity.com, open History, choose your stock plan account, the longest date range and all transaction types, then select Download. The CSV file name begins History_for_Account_. Some NetBenefits users report that the NetBenefits transaction history page only offers Print, which is why the Fidelity.com History page is the better route.
Is a Fidelity RSU vest taxed again when I sell the shares?
No. Income tax and National Insurance are charged through PAYE on the market value at vest, and that market value becomes your capital gains tax base cost (HMRC ERSM180030). Only the change in value after the vest date is a capital gain or loss.
What is the CGT base cost of Fidelity ESPP shares?
For a US ESPP, the discount you receive is taxed as employment income, so your base cost is the market value on the purchase date, not the discounted price you paid. Using the discounted price would tax the discount twice.
I moved my stock plan shares to Fidelity UK. What cost do I use?
Transferred shares keep their original vest or purchase cost for UK capital gains tax. The Fidelity UK transaction history does not show that cost, so when you upload it under the built-in Fidelity import, FiscalFox asks you for the cost of the shares transferred in. Keep your Fidelity Stock Plan history or release confirmations as evidence.
How much does a Fidelity RSU or ESPP report cost?
Calculating is free. The report pack for a tax year costs £39.99, paid once, the same as for any other broker, with RSU vests and ESPP purchases included. The done-for-you report, offered when a file cannot be read, costs £100.
Official UK tax references
This guide is checked against published GOV.UK and HMRC material. FiscalFox is a calculation tool, not personal tax advice; review unusual transactions with a qualified adviser.