The trick for me was to go to Settings Cellular Data/APN Settings and copy the details from Cellular Data to Internet Tethering. Then the Personal Hotspot option appeared at the top level of the settings.
The other thing that's worth mentioning is that you may be able to change your carrier. I'm not sure what restrictions the UK carriers place on this, but in the US AT&T devices are locked for 90 days domestically, but are unlocked internationally. Verizon devices are the other way round; unlocked domestically, but locked for 90 days if you take them overseas. I was able to take an AT&T device from the US to New Zealand, put an NZ SIM in it and use it as a personal hotspot.