Elaborate flagpole - VE Day coming up will feature it (7)
I believe the answer is:
'elaborate flagpole' is the definition.
'develop' can be an answer for 'elaborate' (developing is a kind of elaborating). I am not certain of the 'flagpole' bit.
've day coming up will feature it' is the wordplay.
'day' becomes 'd'.
'coming up' says the letters should be written backwards.
'will' becomes 'lop' (I am not sure about this - if you are sure you should believe this answer much more).
'feature' means one lot of letters goes inside another.
'it' becomes 'e' ('e' can mean 'electronic' which is similar to 'IT').
'ved' back-to-front is 'dev'.
'devlop' going around 'e' is 'DEVELOP'.
Can you help me to learn more?
(Other definitions for develop that I've seen before include "Convert (land) to new purpose" , "Unfold" , "Grow, elaborate" , "Grow, advance" , "issue" .)