Drama as American subject receives UK honour (7)
I believe the answer is:
macbeth
'drama' is the definition.
(play by Shakespeare)
'subject receives uk honour' is the wordplay.
'subject' becomes 'math' (math is a kind of subject).
'receives' is an insertion indicator (inserted letters are received).
'uk honour' becomes 'cbe' (I can't explain this - if you can you should give a lot more credence to this answer).
'math' enclosing 'cbe' is 'MACBETH'.
'as american' acts as a link.
I am not very happy about this link. Some or all of it may be part of another bit of the clue.
Can you help me to learn more?
(Other definitions for macbeth that I've seen before include "Shakespearean tragedy" , "from 6 & 12 VERDI & SHAKESPEARE] ?" , "Ill-fated Shakespearean king" , "its name must not be mentioned" , "Scottish ruler" .)