Some amazing maths here from Reddit, showing that, if you can get organised, you can more or less save the price of a game by shipping a US Xbox One over the pond. As pointed out by one of the commentators, who claims to be in marketing, "Price is what a buyer will tolerate paying".
UK Xbox One - £329.99
US Xbox One - $349.99 (£218.71)
Amazon Expedited shipping to UK - $6.99 (£4.40) Rates here+ $2.99 per lb ($38.87/£24.29) thanks to/u/randomstranger454 for the catch
VAT @ 20% of order - £43.74
UK power lead - £2.99
US Xbox total - £294.12
SAVING - £35.87
Adding Xbox to basket gives a total of £307.38, but they seem to be overestimating import fees
Still cheaper though.
No duty liable on console - see here
We are really getting shafted over here