A smart man is dressed up in lace (4)
I believe the answer is:
alec
'a smart man' is the definition.
'Alec' can be an answer for 'man' (I've seen this before). I am not certain of the 'a smart' bit.
'dressed up in lace' is the wordplay.
'lace' can be anagrammed to 'ALEC'.
However, I am not sure how the anagram is indicated.
'is' acts as a link.
Can you help me to learn more?
(Other definitions for alec that I've seen before include "Smart chap" , "Sir - Douglas-Home, former PM" , "Smart boy?" , "A smart . . . . is a know-all in lace" , "Actor Guinness is smart" .)