Female estimated one valued 50 per cent off is fair (8)
I believe the answer is:
festival
'is fair' is the definition.
(I've seen this before)
'female estimated one valued 50 per cent' is the wordplay.
'female' becomes 'f' (common abbreviation).
'estimated' becomes 'est' (abbreviation).
'one' becomes 'i' (Roman numeral).
'50 per cent' indicates taking half.
'valued' cut in half is 'val'.
'f'+'est'+'i'+'val'='FESTIVAL'
'off' is the link.
I am not very happy about this link. It may be part of another bit of the clue.
Can you help me to learn more?
(Other definitions for festival that I've seen before include "Live fast (anag.)" , "Fair" , "Gala" , "Fete" , "holiday?" .)