Christmas wrapping very new (5)
I believe the answer is:
novel
'new' is the definition.
(similar in meaning)
'christmas wrapping very' is the wordplay.
'christmas' becomes 'noel' (synonyms).
'wrapping' means one lot of letters goes inside another.
'very' becomes 'v' (abbreviation).
'noel' enclosing 'v' is 'NOVEL'.
(Other definitions for novel that I've seen before include "Previously unknown" , "Fictitious prose work" , "A work of fiction of new kind" , "Innovative" , "Book of prose fiction" .)