Flying safety limiting Father Christmas perhaps (5,3)
I believe the answer is:
feast day
'christmas perhaps' is the definition.
(I know that Christmas is a Christian holy day)
'flying safety limiting father' is the wordplay.
'flying' is an anagram indicator (letters fly around into new positions).
'limiting' indicates putting letters inside.
'father' becomes 'da' (da can mean dad).
'safety' anagrammed gives 'feasty'.
'feasty' enclosing 'da' is 'FEAST-DAY'.
(Other definitions for feast day that I've seen before include "Religious celebration" , "time to celebrate" , "Annual Christian celebration" , "Church holiday for eating and rejoicing - fed satay (anag)" , "festival" .)