VAT = value added tax, it's the sales tax in Great Britain and it's currently 17.5% on all purchases (with a few exceptions like books and food, etc.). I think what tebs meant was that you're likely to be charged import taxes when you order from the States and have it shipped to the UK. I ordered from the US many times but never actually had to pay VAT, I think import taxes are the equivalent for buying goods outside the European Union.
Re PAL/NTSC issues, I'd say it totally depends on your equipment whether you can hook up the camcorder to your TV. If your TV is PAL AND NTSC compatible, you won't have any issues. I'm not familiar with camcorder features but maybe there are models available that can record in both formats? Otherwise, you could always upload the footage on your computer and convert it into PAL, then record it back on camcorder tape or another medium (DVD?). Of course you'd need a video editing software for that, again, don't know for sure but maybe some camcorders come with a piece of software.
Another way would be if you had a computer graphics card with output option, you could connect your computer to your TV and watch the uploaded footage from your harddrive. I don't think that PAL/NTSC would be an issue as the TV merely transmits the pictures from the computer.