Tax in English city shortly raised (8)
I believe the answer is:
elevated
'raised' is the definition.
(I know that raised can be written as elevated)
'tax in english city shortly' is the wordplay.
'tax' becomes 'vat' (UK Value Added Tax).
'in' is an insertion indicator.
'english' becomes 'e' (abbreviation).
'city shortly' becomes 'leed' (I can't explain this - if you can you should give a lot more credence to this answer).
'e'+'leed'='eleed'
'vat' going into 'eleed' is 'ELEVATED'.
Can you help me to learn more?
(Other definitions for elevated that I've seen before include "of high status" , "Raised (in status)" , "Of high moral value" , "Lofty" , "Lifted, raised" .)