Cut and share out (5)
I believe the answer is:
shear
'cut' is the definition.
(shearing is a kind of cutting)
'share out' is the wordplay.
'out' indicates anagramming the letters (out can mean wrong or inaccurate).
'share' with letters rearranged gives 'SHEAR'.
'and' is the link.
(Other definitions for shear that I've seen before include "Clip a sheep" , "Cut with clippers" , "Fleece; cut" , "Barber" , "shave" .)