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 . However he will still be a life peer  and will still be named 'Lord Ashcroft'