Playground item is led away (5)
I believe the answer is:
slide
'playground item' is the definition.
(I've seen this in another clue)
'is led away' is the wordplay.
'away' indicates anagramming the letters (letters move away from their original places).
'is'+'led'='isled'
'isled' with letters rearranged gives 'SLIDE'.
(Other definitions for slide that I've seen before include "Decline" , "Idles about on children's chute" , "Playground item" , "Slip, slither, skid" , "Trombone part" .)