North-east race, after deductions (4)
I believe the answer is:
nett
'after deductions' is the definition.
(I've seen this before)
'north-east race' is the wordplay.
'north east' becomes 'ne'.
'race' becomes 'tt'.
'ne'+'tt'='NETT'
(Other definitions for nett that I've seen before include "not including packaging" , "After taxes" , "cleared of all charges" , "After making deductions" , "Free of tax" .)