Penalties extremely severe for bridge manoeuvre (7)
I believe the answer is:
finesse
'bridge manoeuvre' is the definition.
(term from the card game bridge)
'penalties extremely severe' is the wordplay.
'penalties' becomes 'fines' (fine is a kind of penalty).
'extremely' says to hollow out the word (remove centre letters).
'severe' with its middle taken out is 'se'.
'fines'+'se'='FINESSE'
'for' is the link.
(Other definitions for finesse that I've seen before include "Subtle skill - bridge manoeuvre" , "Subtlety of contrivance in cards" , "Skilful elegance or expertise" , "Achieve with subtlety and skill" , "Artful management" .)