Cat chasing dog seizes old clothing item (8)

I believe the answer is:

tailcoat

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'clothing item' is the definition.
The answer and definition can be both man-made objects as well as being singular nouns.
Maybe they are linked in a way I don't understand?

'cat chasing dog seizes old' is the wordplay.
'chasing' means one lot of letters go next to another (some letters chase after others).
'dog' becomes 'tail' (synonyms).
'seizes' indicates putting letters inside.
'old' becomes 'o' (common abbreviation eg in OE for Old English).
'cat' put after 'tail' is 'tailcat'.
'tailcat' going around 'o' is 'TAILCOAT'.

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I've seen this clue in The Times.

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