A rent cut possibly cut (8)
I believe the answer is:
truncate
'cut' is the definition.
(thesaurus)
'a rent cut possibly' is the wordplay.
'possibly' indicates an anagram.
'a'+'rent'+'cut'='arentcut'
'arentcut' with letters rearranged gives 'TRUNCATE'.
(Other definitions for truncate that I've seen before include "Make shorter by cutting off" , "Lop" , "Dock" , "Shorten by cutting off the top" , "Cut short" .)