Chap getting £1 for a song (4)
I believe the answer is:
lied
'a song' is the definition.
(type of German song)
'chap getting ps1' is the wordplay.
'chap' becomes 'Ed' (short for Edward).
'getting' is a charade indicator (letters next to each other).
'psl' becomes 'li' (I can't explain this - if you can you should give a lot more credence to this answer).
'ed' after 'li' is 'LIED'.
'for' is the link.
Can you help me to learn more?
(Other definitions for lied that I've seen before include "German art song" , "Produced pork pie" , "Deceived with words" , "Song in Berlin" , "Did not speak the truth" .)