What does the cryptic crossword clue "Old tax on a racecourse (5)" mean?

This cryptic clue uses wordplay to arrive at the answer. Visit the page for progressive hints — definition, wordplay type, and a full step-by-step explanation.

Old tax on a racecourse (5)

Telegraph Prize Cryptic #3264 | 24 Across | 2024-05-12 flower

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