To hide it, put on an overcoat (5,3)

I believe the answer is:

paint out

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'overcoat' is the definition.
I know nothing about this answer so I cannot tell whether this works.

'to hide it put on an' is the wordplay.
'to hide' indicates an anagram.
'an' becomes 'a'.
'it'+'put'+'on'+'a'='itputona'
'itputona' anagrammed gives 'PAINT OUT'.

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I've seen this clue in the Evening Standard.

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