Train around area for annual race meeting (5,5)
I believe the answer is:
royal ascot
'annual race meeting' is the definition.
(annual horse race meeting)
'train around area for' is the wordplay.
'train' becomes 'Royal Scot' (former British train).
'around' means one lot of letters goes inside another.
'area for' becomes 'a' (I can't justify this - if you can you should give a lot more credence to this answer).
'royalscot' placed around 'a' is 'ROYAL ASCOT'.
(Another definition for royal ascot that I've seen is " race meeting".)
I've seen this clue in The Times.
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