Carving of mahogany for Scottish festival (8)
I believe the answer is:
hogmanay
'scottish festival' is the definition.
(Scottish term for new year's eve)
'carving of mahogany' is the wordplay.
'carving of' indicates anagramming the letters.
'mahogany' is an anagram of 'HOGMANAY'.
'for' acts as a link.
(Other definitions for hogmanay that I've seen before include "Annual celebration" , "First-footing time" , "New Year's Eve north of the border" , "today" , "New Year up north" .)