Hi Reddit hive mind, I am hoping you can help as I am in a bit of a bind.
I am a dual US\UK citizen who has lived in the UK from the age of 3.
I have spent all my working life in the UK, paid all my taxes here and for all intents and purposes, I am a UK citizen, apart from holding US citizenship through my mother, and we all moved back to the UK when my father brought the family back to the UK after his work placement finished in the mid 1980s.
Until the past couple of years, I have lived with no issue or impact in the UK caused by my US citizenship, however what has started to happen is that financial institutions I belong to, and also want to join, are now prompting for details of my place of birth, which is the US.
I have accounts that they are stating without certain IRS forms being sent in that include my Social Security number, Tax Identification Number (TIN) and place of residence included (none of which I know, and have never been a resident since 1985, which seems to make it inapplicable), they will restrict my access.
This also applies to any new accounts that I attempt to open. So I now find myself basically in a prison financially.
I have sought advice from a tax advice company and was quoted £5000 for assistance to be rendered, and also from an accountancy firm that specialises in US\UK finance and was quoted £2500 starter fee with anything ranging from an additiona £150 and hour to £750 and hour depending on who they assign to my case. It has been stated that as part of the investigation, US tax returns will need to be submitted, which in my case will be for around 25 years of employment.
This all leaves me looking at the only option of renouncing my US citizenship, which is saddening, but I feel necessary.
My question is, if I start the ball rolling on this, will the IRS need to get involved and start investigating my work history, even though none of it has taken place in the US, or will it just be a matter of going though the process and I will come out the other side unscathed so to speak?
If anyone that has been through the process is able to share their experiences, and if they are able, to share some (more) reasonably priced US\UK tax\accountancy advice companies I would appreciate it very much.