The past -- it seldom alters (3,5)
I believe the answer is:
old times
'the past' is the definition.
(old times is a kind of past)
'it seldom alters' is the wordplay.
'alters' is an anagram indicator.
'it'+'seldom'='itseldom'
'itseldom' is an anagram of 'OLD TIMES'.
(Another definition for old times that I've seen is " The nostalgic past, as in auld lang syne".)
I've seen this clue in The Telegraph.
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