Penny decapitated otter for fur coat (5)
I believe the answer is:
parka
'fur coat' is the definition.
'parka' can be an answer for 'coat' (parka is a kind of coat). I am not certain of the 'fur' bit.
'penny decapitated otter' is the wordplay.
'penny' becomes 'p' (short for pence).
'decapitated' means to remove the first letter.
'otter' becomes 'tarka' (I've seen this before).
'tarka' with its first letter taken away is 'arka'.
'p'+'arka'='PARKA'
'for' acts as a link.
Can you help me to learn more?
(Other definitions for parka that I've seen before include "Weatherproof jacket with hood" , "weatherproof cover" , "hoodie" , "outdoor clothing" , "Anorak" .)