Lady strips on top of stage, holding on (8)
I believe the answer is:
baroness
'lady' is the definition.
(I've seen this before)
'strips on top of stage holding on' is the wordplay.
'strips' becomes 'bares' ('bare' can be a synonym of 'strip'**).
'on top of' suggests taking the first letters (I've seen 'on top' mean this).
'holding' is an insertion indicator.
The initial letter of 'stage' is 's'.
'bares'+'s'='baress'
'baress' enclosing 'on' is 'BARONESS'.
(Other definitions for baroness that I've seen before include "Noble" , "Lady peer" , "Woman life-peer" , "Lady Thatcher?" , "Thatcher possibly" .)