Now give it back to me (7,4)
I believe the answer is:
present time
'now' is the definition.
(thesaurus)
'give it back to me' is the wordplay.
'give' becomes 'present' (presenting is a kind of giving).
'back' is a reversal indicator.
'to' is a charade indicator (letters next to each other).
'it' reversed gives 'ti'.
'present'+'ti'+'me'='PRESENT TIME'
(Another definition for present time that I've seen is " Now - or Christmas!".)
I've seen this clue in the Evening Standard.
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