Present daily record outside parliament, ultimately like many peers (10)
I believe the answer is:
hereditary
'like many peers' is the definition.
(as in hereditary peers in the House of Lords)
'present daily record outside parliament ultimately' is the wordplay.
'present' becomes 'here' (both can mean in attendance).
'daily record' becomes 'diary' (I've seen this before).
'outside' means one lot of letters goes inside another.
'ultimately' indicates one should take the final letters.
The final letter of 'parliament' is 't'.
'diary' enclosing 't' is 'ditary'.
'here'+'ditary'='HEREDITARY'
(Other definitions for hereditary that I've seen before include "Passed on by genetic factors" , "passed down through generations" , "Ancestral" , "Transmitted" , "given by Dad?" .)