Something to pay in private (3)

I believe the answer is:

vat

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'something to pay' is the definition.
I can't tell whether this definition defines the answer.

'in private' is the wordplay.
'in' indicates the answer is hidden within the clue.
'VAT' is hidden in the letters of 'private'.

Can you help me to learn more?

(Other definitions for vat that I've seen before include "A tax on a large container?" , "subject of 17, 8 [CHANCELLORS STATEMENT]" , "Large tank; purchase tax" , "Large container for liquid" , "Fermentation vessel" .)

I've seen this clue in the Evening Standard.

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