Old hat tipped by earl in high society? (5)
I believe the answer is:
elite
'high society?' is the definition.
(high society is a kind of elite)
'old hat tipped by earl' is the wordplay.
'old hat' becomes 'tile' (old-fashioned term for a hat).
'tipped' is a reversal indicator (letters tipped over).
'by' means one lot of letters go next to another.
'earl' becomes 'e'.
'tile' backwards is 'elit'.
'elit'+'e'='ELITE'
'in' is the link.
(Other definitions for elite that I've seen before include "Privileged or posh group" , "Upper crust" , "Group enjoying superior status" , "Superior or favoured group of people" , "Choice; best" .)