Recipient of income tax, note (5)
I believe the answer is:
payee
'recipient' is the definition.
(I know that payee is a type of recipient)
'income tax note' is the wordplay.
'income tax' becomes 'PAYE' (PAYE is an example).
'note' becomes 'e' (musical note).
'paye'+'e'='PAYEE'
'of' acts as a link.
(Other definitions for payee that I've seen before include "The one to whom cheque is made out" , "Beneficiary" , "Receiver of money" , "One receiving money" , "Recipient of money" .)