Lies about holm (4)
I believe the answer is:
isle
'holm' is the definition.
(I've seen this in another clue)
'lies about' is the wordplay.
'about' is an anagram indicator.
'lies' is an anagram of 'ISLE'.
(Other definitions for isle that I've seen before include "Such as Man or Bute" , "somewhere surrounded by water" , "Ireland, perhaps" , "Dogs, perhaps" , "Small mass of land in the sea" .)