Reduced price: initial 99% reduction for this nobleman (8)
I believe the answer is:
viscount
'reduced price initial 99% reduction for this nobleman' is the definition.
'viscount' can be an answer for 'nobleman' (viscount is a kind of nobleman). I am unsure of the rest of the definition.
'for this nobleman' is the wordplay.
'for' becomes 'vis' (I am not sure about this - if you are sure you should give a lot more credence to this answer).
'this nobleman' becomes 'count' (count is a type of aristocrat).
'vis'+'count'='VISCOUNT'
Can you help me to learn more?
(Other definitions for viscount that I've seen before include "Nobleman" , "plane" , "Minor peer" , "British peer" , "British noble" .)