Cloak cut down to make a top (3)
I believe the answer is:
cap
'a top' is the definition.
(cap is a kind of top)
'cloak cut down' is the wordplay.
'cloak' becomes 'cape' (cape is a kind of cloak).
'cut down' means to remove the last letter.
'cape' with its last letter removed is 'CAP'.
'to make' is the link.
(Other definitions for cap that I've seen before include "Soft hat; lid" , "Impose limit on" , "contribution to hunt funds?" , "'If the . . . fits, wear it' (3" , "Beat; upper limit" .)