In August, a stag with lots of points and a beard (8)
I believe the answer is:
imperial
'a beard' is the definition.
(I know that Imperial is a type of beard)
'in august a stag with lots of points' is the wordplay.
I cannot quite see how this works, but
'a' could be 'per' (eg 'one a day' means 'one per day') and 'per' is located in the answer.
'lots' could be 'm' and 'm' is located in the answer.
This may be the basis of the clue (or it may be nonsense).
'and' acts as a link.
Can you help me to learn more?
(Other definitions for imperial that I've seen before include "Majestic - wine bottle" , "Like some rulers" , "Of UK weights and measures" , "Regal - type of beard" , "Magnificent; mint --" .)