The most common and most likely answer to this crossword clue is the 8 letter word SALUTING
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The straight part
We know that "Paying respects to" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case paying respects to = saluting.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 SALUTING mean?
SALUTING verb- To make a gesture in honor of (someone or something).
- To act in thanks, honor, or tribute; to thank or extend gratitude; to praise.
- To wave, to acknowledge an acquaintance.
- To address, as with expressions of kind wishes and courtesy; to greet; to hail.
- To promote the welfare and safety of; to benefit; to gratify.
- To kiss.
- The act of giving a salute.