Cryptic crossword clue
Lied about being in outbuilding, having protective 12 8

The most common and most likely answer to this crossword clue is the 8 letter word SHIELDED

I've seen this crossword clue in Financial Times
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Buddy explains!

The straight part
We know that "having protective 12" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case having protective 12 = shielded.
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 SHIELDED mean?

SHIELDED verb
  1. To protect, to defend.
  2. To protect from the influence of
SHIELDED adjective
  1. Provided with a shield
  2. Protected from influence or danger

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