Raise tax invested in European shelter (7)
I believe the answer is:
elevate
'raise' is the definition.
('elevate' can be a synonym of 'raise')
'tax invested in european shelter' is the wordplay.
'tax' becomes 'vat' (British sales tax).
'invested in' indicates putting letters inside.
'european' becomes 'e' (abbreviation e.g. EU).
'shelter' becomes 'lee' (I've seen this before).
'e'+'lee'='elee'
'vat' placed into 'elee' is 'ELEVATE'.
(Other definitions for elevate that I've seen before include "Improve morally" , "Uplift" , "Raise high or promote" , "Put on a pedestal" , "To raise in level" .)