Chop off head of baronet, cut grotesquely (10)

I believe the answer is:

obtruncate

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'chop' is the definition.
I don't know anything about this answer so I can't judge whether it can be defined by this definition.

'head of baronet cut grotesquely' is the wordplay.
'head' suggests taking the first letters.
'cut grotesquely' becomes 'truncate' (I've seen this before. I am not sure about the 'grotesquely' bit.).
The first letters of 'of baronet' is 'ob'.
'ob'+'truncate'='OBTRUNCATE'

'off' acts as a link.

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I've seen this clue in The Independent.

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