Holding(s) in Company

SCHEDULE 10

                    NOTIFICATION OF MAJOR INTERESTS IN SHARES
1)   Name of company:
     Value & Income Trust plc

2)   Name of shareholder having a major interest
     Legal & General Group plc and/or its subsidiaries

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
     On behalf 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

     HSBC Global Custody Nominee (UK) Ltd A/c 775245   150,000
     HSBC Global Custody Nominee (UK) Ltd A/c 357206   1,075,766
     HSBC Global Custody Nominee (UK) Ltd A/c 747381   86,200
     HSBC Global Custody Nominee (UK) Ltd A/c 866203   61,000
     HSBC Global Custody Nominee (UK) Ltd A/c 360509   60,000

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,
     n/a

8)   Percentage of issued class
     n/a

9)   Class of security
     Ordinary 10p shares

10)  Date of transaction
     n/a

11)  Date company informed
     16 December 2004

12)  Total holding following this notification
     1,432,966

13)  Total percentage holding of issued class following this notification
     3.15%

14)  Any additional information
     N/A

15)  Name of contact and telephone number for queries
     Robert Hoskin, Edinburgh Fund Managers plc, Company Secretary,
     Tel. [phone]

16)  Name and signature of authorised company official responsible for making
     this notification - Robert Hoskin, Date of notification - 16 December 2004