£115 is clearly the total price, nothing on-site says it's coming from channel Isles, its just a retailer discounting RRP (at last) ,which is what I'd expect to see lots of in run-up to Xmas & in Jan sales.
if you go to play via topcashback, then you'll also get some rebate on that price.
http://www.topcashback.co.uk/play/
PS Play sell lots of high value items, like games consoles, TVs, PCs even. if ever any customer had been hit for a VAT surcharge on one of those it would be all over the gaming forums