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Thanks for your question.
You are not already a British Citizen I'm afraid. Provided you have been self sufficient (ie. studying, self employed or employed and not absent from the UK for 6 months in any one year) for five years then due to your length of time in this Country you automatically have permanent residence here as an EEA national.
If you wish to become a UK citizen then you will have to apply for naturalsation through the home office (paying their fee, which is what I assume the £735.00 applies to) and then pass the life in the uk test and undergo the citizenship ceremony. You may then apply for a British passport.
There is no getting around it unfortunately, sorry it could not be better news.
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