Cut Charles's timber (5,5)
I believe the answer is:
chuck steak
'cut' is the definition.
(I know that chuck steak is a type of cut of beef)
'charles's timber' is the wordplay.
'charles's' becomes 'chuck's'.
'timber' becomes 'teak' (I've seen this in other clues).
'chucks'+'teak'='CHUCK STEAK'
(Other definitions for chuck steak that I've seen before include "not the finest cut of meat" , "Cut of beef" .)