Not sure how this is going to work.
The advantage of buying from a Channel Islands based company only really works for low value items where HM Customs and Revenue deem the VAT not worth collecting i.e. CDs and DVDs etc.
With an item priced at over £100 I'm sure they would consider it worthwhile collecting the VAT on that - over £20 in tax!
So unless Play confirm the price of £115 is inclusive of UK VAT paid I have a feeling it's going to work out more than that by the time it is delivered.
But I could be wrong.