I don't think we should encourage people to try to either smuggle stuff or not declare what should be declared.
If the item is worth £145 (about US$254) then you can bring it back as your Duty Free allowance. If you go to the UK Customs website http://customs.hmrc.gov.uk/channelsP...ageTravel_Home (sorry, it's a long link!) then you'll get some answers - the internet shopping link gives some info about VAT and duty payable.
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