It's a classic story as current parliament returns (5)
I believe the answer is:
iliad
'it's a classic' is the definition.
(I've seen this before)
'current parliament returns' is the wordplay.
'current' becomes 'I' (symbol for electric current).
'parliament' becomes 'dail' (Dail Eireann, Irish parliament).
'returns' shows that the letters should be reversed in order.
'dail' in reverse letter order is 'liad'.
'i'+'liad'='ILIAD'
'story as' acts as a link.
I am not very happy about this link. Some or all of it may belong to another bit of the clue.
Can you help me to learn more?
(Other definitions for iliad that I've seen before include "Work by Homer" , "Homerian work" , "Homer's epic poem on the siege of Troy" , "Homer's ancient Greek epic" , "Epic poem attributed to Homer" .)