Holding(s) in Company

    SCHEDULE 10                                    
NOTIFICATION OF MAJOR INTERESTS IN SHARES
                                    
1) Name of company
    Value and Income Trust plc


2) Name of shareholder having a major interest
    The Scottish American Investment Company PLC


3) Please state whether notification indicates that it is in respect of
   holding of the shareholder named in 2 above or in respect of a
   non-beneficial interest or in the case of an individual holder if it is a
   holding of that person's spouse or children under the age of 18
    Of 2 above


4) Name of the registered holder(s) and, if more than one holder, the
   number of shares held by each of them
    BNY (OCS) Nominees Ltd


5) Number of shares/amount of stock acquired
     n/a


6) Percentage of issued class
     n/a


7) Number of shares/amount of stock disposed
     100,000


8) Percentage of issued class
     0.2%

9) Class of security
     Ordinary 10p


10) Date of transaction
     5 September 2003


11) Date company informed
     8 September 2003


12) Total holding following this notification
     1,350,000


13) Total percentage holding of issued class following this notification
     2.96%


14) Any additional information
     No


15) Name of contact and telephone number for queries
     Amanda Fraser 0131 313 6472


16) Name and signature of authorised company official responsible for
    making this notification

    Date of notification 8 September 2003