Something to raise European tax covered by the Spanish gold (8)
I believe the answer is:
Here is my best explanation:
'something to raise' is the definition.
'european tax covered by the spanish gold' is the subsidiary indication.
'european' becomes 'e' (abbreviation e.g. EU).
'tax' becomes 'vat' (British sales tax).
'covered by' is a charade indicator (letters next to each other) (on top of in a down clue).
'the spanish' becomes 'le'.
'gold' becomes 'or'.
'vat' put after 'le' is 'levat'.
(Other definitions for elevator that I've seen before include "A lift in America", "it's uplifting", "Lifting device", "Lift in the US", "North American lift", "An American lift in building", "I go up", "one that goes up and down", "Gentle caress" and "US lift".)