The most common and most likely answer to this crossword clue is the 9 letter word HALF-TERM
I've seen this crossword clue in The Guardian
H
A
L
F
-
T
E
R
M
Buddy explains!

The straight part
We know that "time off /time off" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case time off /time off = half-term.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does HALF-TERM mean?
HALF-TERM noun- A short school holiday in the middle of the term.
- Pertaining to the half term school holiday.