New verse in carol (5)
I believe the answer is:
novel
'new' is the definition.
(I know that new can be written as novel)
'verse in carol' is the wordplay.
'verse' becomes 'v'.
'in' means one lot of letters goes inside another.
'carol' becomes 'noel' (I've seen this in another clue).
'v' going within 'noel' is 'NOVEL'.
(Other definitions for novel that I've seen before include "Fresh" , "Scoop, say" , "Innovative" , "Fictitious prose work" , "story" .)