Bay in which the fish take the bait, you say (5)
I believe the answer is:
bight
'bay in which the fish' is the definition.
'bight' can be an answer for 'bay' (bight is a kind of bay). I am not certain of the remainder of the definition.
'take the bait you say' is the wordplay.
'take the bait' becomes 'bite' (I've seen this before).
'you say' shows a homophone (sound like).
'bite' sounds like 'BIGHT'.
Can you help me to learn more?
(Other definitions for bight that I've seen before include "Bay - bend in rope" , "bend in river" , "Large broad bay -- middle part of a slack rope" , "Wide bay" , "Bay, sounds like a morsel of food" .)