Time to take a joke with dignity (7)

I believe the answer is:

majesty

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'dignity' is the definition.
(I have seen 'Regal dignity ' mean 'majesty' so perhaps 'dignity' could also mean 'majesty')

'time to take a joke with' is the wordplay.
'time' becomes 'may' (I've seen this before).
'to take' is an insertion indicator.
'a joke with' becomes 'jest' (I am not sure about this - if you are sure you should believe this answer much more).
'may' placed around 'jest' is 'MAJESTY'.

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(Other definitions for majesty that I've seen before include "Impressive beauty" , "Grandeur" , "Splendour" , "Regal dignity" , "August character" .)

I've seen this clue in the Evening Standard.

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