Conservative treasure split (5)
I believe the answer is:
clove
'split' is the definition.
(I've seen this before)
'conservative treasure' is the wordplay.
'conservative' becomes 'C' (UK political abbreviation).
'treasure' becomes 'love' (I've seen this in another clue).
'c'+'love'='CLOVE'
(Other definitions for clove that I've seen before include "Cut" , "Pungent spice" , "Spice, used whole or ground" , "Aromatic bud" , "Dried flower bud spice" .)