It's been halved - and quite right too! (5)
I believe the answer is:
legit
'right too' is the definition.
'legit' can be an answer for 'right' (both can mean legal). I am not certain of the 'too' bit.
'it's been halved and quite' is the wordplay.
'it's been' becomes 'lent' (lending is a kind of being).
'halved' means to take half the letters.
'and' is a charade indicator (letters next to each other).
'quite' becomes 'git' (I am not sure about this - if you are sure you should give a lot more credence to this answer).
'lent' cut in half is 'le'.
'le'+'git'='LEGIT'
Can you help me to learn more?
(Other definitions for legit that I've seen before include "Conforming to the law" , "Quite proper" , "Lawful, in short" , "on the level" , "ok!" .)