Very little time in year (4)
I believe the answer is:
tiny
'very little' is the definition.
(tiny means extremely little)
'time in year' is the wordplay.
'time' becomes 't' (abbreviation).
'year' becomes 'y'.
't'+'in'+'y'='TINY'
(Other definitions for tiny that I've seen before include "Quite insignificant" , "Wee" , "Really small" , "Minuscule" , "Miniscule" .)