Means to relax, with no time to wrap gift (10)
I believe the answer is:
represents
'means' is the definition.
(representing is a kind of meaning)
'relax with no time to wrap gift' is the wordplay.
'relax' becomes 'rest' (to relax is to have a rest).
'with no' is a deletion indicator.
'time' becomes 't' (abbreviation).
'to wrap' is an insertion indicator.
'gift' becomes 'present' (present is a kind of gift).
'rest' with 't' taken away is 'res'.
'res' going around 'present' is 'REPRESENTS'.
'to' is the link.
(Other definitions for represents that I've seen before include "Portrays" , "shows" , "plays" , "Stands for" .)