To delete a member's subscription, go to the member's page in the administration panel. Scroll down to the Subscriptions section and click on Edit (right hand column) in the relevant row for the subscription. This takes you to the details page for the subscription.
Click on the link "permanently delete this subscription". You will see a warning message, asking you to confirm that you want to delete. This is because, once it is deleted you can't get it back.
When you delete a subscription, you will lose the information that the subscription existed, including any form data. However, the details of any order placed to purchase the subscription (including renewals) will remain in the system.