Time turns around it (8)
I believe the answer is:
duration
'time' is the definition.
(I know that duration is a type of time)
'turns around it' is the wordplay.
'turns' is an anagram indicator.
'around'+'it'='aroundit'
'aroundit' anagrammed gives 'DURATION'.
(Other definitions for duration that I've seen before include "Time scale" , "Around it (anag.)" , "Period during which something continues" , "Term, span, time" , "Length of time" .)