Cut in tax expected (3)
I believe the answer is:
axe
'cut' is the definition.
(I've seen this before)
'in tax expected' is the wordplay.
'in' indicates a hidden word.
'AXE' is hidden within 'tax expected'.
(Other definitions for axe that I've seen before include "Sack with cleaver?" , "flower in Devon" , "Means of cutting" , "Guitar" , "Terminate - with a hatchet?" .)