Lay by beach drinking Tango (3,5)
I believe the answer is:
set aside
'lay by' is the definition.
(I've seen this before)
'beach drinking tango' is the wordplay.
'beach' becomes 'seaside' (synonyms).
'drinking' is an insertion indicator (inserted letters are consumed or drunk).
'tango' becomes 'T' (phonetic alphabet: alpha, bravo, charlie etc.).
'seaside' going around 't' is 'SET-ASIDE'.
(Other definitions for set aside that I've seen before include "Save or discard" , "Farm land taken out of production" , "Discount" , "Preserve" , "Reserve for future use" .)