In 2017, I opened a S&S ISA without knowing the terrible implications of owning PFICS as a dual US/UK citizen. Learning about that this year, I am trying to figure out how to get rid of them in the least painful way possible. I have always worked for charities/non-profits so have very few financial resources. Unfortunately, the S&S ISA represented a significant portion, which I understand will at least be halved if not wiped out now because of the PFICs.
Interviewing prospective tax and financial advisors, the cost of their services to unwind the S&S ISA range from £2000-5000 depending on the number of forms. One also said that because I have not filed the "PFIC forms" with my taxes each year (even though I have filed my US taxes every year and completed the FBAR myself) that we would probably need to use the streamlined amnesty procedure going back three years. The extra difficulty being that I actually lived and worked in the US for those three years so it would require the domestic procedure which they don't even do.
If anyone can help with thoughts on the least painful way of unwinding PFICs, 'affordable' tax advisors, or the streamlined amnesty procedure I would be very grateful.
