European tax in part receding? It goes up and down (8)
I believe the answer is:
elevator
'it goes up and down' is the definition.
(US term for a lift)
'european tax in part receding?' is the wordplay.
'european' becomes 'E' (abbreviation e.g. EU).
'tax' becomes 'VAT' (UK Value Added Tax).
'in' means one lot of letters goes inside another.
'part' becomes 'role' (eg a theatrical role).
'receding?' says the letters should be written in reverse.
'role' written backwards gives 'elor'.
'e'+'vat'='evat'
'evat' put into 'elor' is 'ELEVATOR'.
(Other definitions for elevator that I've seen before include "Cage that is raised and lowered mechanically in a vertical shaft" , "Farm herd" , "I go up" , "Gentle caress" , "may give you a lift" .)