The Crown Prosecution Service has said there will be no charges following its cash-for-honours probe involving the Conservative Party.
An inquiry was launched last year into both major parties
The Crown Prosecution Service said it had advised the Metropolitan Police there was no "realistic prospect" of a conviction under the 1925 Honours Act.
An inquiry was launched last year into claims peerages were awarded in return for donations to political parties.
It was announced in July that there would be no charges involving Labour.
The CPS said the Tory-related inquiry had covered "the nomination of a donor as a working peer and an approach made to the Conservative Party by a party donor".
"In relation to both of these matters the CPS has decided that there is insufficient evidence for a realistic prospect of conviction of any individuals for any offence under the Honours (Prevention of Abuses) Act 1925 or for any other offence," it said in a statement.
"In coming to these decisions the CPS consulted independent counsel."
Police interviewed more than 130 people, including the then Prime Minister Tony Blair and former Tory leader Michael Howard, during the cash-for-honours inquiry.
The investigation into claims that people were nominated for peerages in return for political loans was prompted by a complaint from the Scottish Nationalist MP Angus MacNeil.
All those questioned during the inquiry denied any wrong-doing and no-one was charged.