Prank against Conservative (5)
I believe the answer is:
antic
'prank' is the definition.
(I know that prank can be written as antic)
'against conservative' is the wordplay.
'against' becomes 'anti' (prefix meaning against).
'conservative' becomes 'C' (UK political abbreviation).
'anti'+'c'='ANTIC'
(Other definitions for antic that I've seen before include "Playful or mischievous act" , "Old clown" , "old buffoon" , "Eccentric once" , "Mad act done for fun" .)