Tory peer Lord Ashcroft has quit his seat in the House of Lords – saying he no longer has the time to devote enough time to the role . The former party treasurer said he was resigning with immediate effect , as he believed it was his 'duty ' to step down 'at the right time ' . Even though he will no longer be able to attend Lords debates , is still a life peer and will still be named 'Lord Ashcroft ' . Tory peer Lord Ashcroft has quit his seat in the House of Lords – saying he no longer has the time to devote enough time to the role . On a statement posted on his website , he said : 'Earlier this year Baroness D'Souza , the Lord Speaker , said that any member of the House of Lords who can 'no longer contribute meaningfully ' should retire . 'She added that since the House has close to 800 members , 'retirement at the right time should be seen as a condition of membership of the House of Lords – a duty as well as a right ' . ' I agree with the Speaker , and have concluded that my other activities do not permit me to devote the time that membership of the Lords properly requires . 'Accordingly , I have today written to the Clerk of the Parliaments giving notice of my resignation from the House of Lords with immediate effect . ' Even though the former Tory treasurer will no longer be able to attend Lords debates , he will remain a life peer and will still be named 'Lord Ashcroft ' Lord Ashcroft , who remains a life peer , said he intended to continue his involvement in politics through his polling organisation and his publishing interests . The peer 's decision to resign from the Lords means he could take back up his 'non-dom ' tax status - meaning he would not have to pay UK tax on overseas earnings . The peer announced in 2010 that he would abandon his 'non-dom ' status to comply with new House of Lords rules , which prevent non-doms from sitting in the upper house .
The former party treasurer said he was resigning with immediate effect . Millionaire pollster said he did not have the time to devote for the role . Mr Turnbull has been under pressure from within his own party, which is still reeling after a disastrous election result in September.