It seems like something else must be involved to get up to $75.

From what I've been able to find, ( http://www.postoffice.co.uk/portal/po/content1?catId=19100180&mediaId=19100260 ) the handling fee should be £8.00, which converts to $15.83.

If the 17.5% VAT is applied to both the $140 cost and $48 shipping, that would be $32.90, resulting in a total of $48.73 (if they only apply it to the $140 price, that would be $24.50, for a total of $40.33). Not that that isn't a lot of money, but is there something I'm missing (like a tariff on cutlery) that brings it up to $75?

I missed the 'Import Duty' in your post, but haven't been able to find a reference about the tax rate for it -- that's probably the difference. I can see where it would be really frustrating.