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Independent Inv Tst (IIT)

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Wednesday 24 January, 2007

Independent Inv Tst

Director/PDMR Shareholding

Independent Investment Trust PLC
24 January 2007

NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL
RESPONSIBILITY OR CONNECTED PERSONS

This form is intended for use by an issuer to make a RIS notification required
by DR 3.1.4R(1).


(1)      An issuer making a notification in respect of a transaction relating to 
         the shares or debentures of the issuer should complete boxes 1 to 16, 
         23 and 24.
(2)      An issuer making a notification in respect of a derivative relating to 
         the shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 
         16, 23 and 24.
(3)      An issuer making a notification in respect of options granted to a 
         director/person discharging managerial responsibilities should complete 
         boxes 1 to 3 and 17 to 24.
(4)      An issuer making a notification in respect of a financial instrument 
         relating to the shares of the issuer (other than a debenture) should 
         complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.

Please complete all relevant boxes in block capital letters.


1. Name of the issuer

THE INDEPENDENT INVESTMENT TRUST PLC



2. State whether the notification relates to (i) a transaction notified in
accordance with DR 3.1.4R(1)(a); or

(ii) DR 3.1.4(R)(1)(b) a disclosure made in accordance with section 324 (as
extended by section 328) of the Companies Act 1985; or

(iii) both (i) and (ii)

BOTH



3. Name of person discharging managerial responsibilities/director

ROBERT LAING



4. State whether notification relates to a person connected with a person
discharging managerial responsibilities/director named in 3 and identify the
connected person

DAUGHTER OF ROBERT LAING



5. Indicate whether the notification is in respect of a holding of the person
referred to in 3 or 4 above or in respect of a non-beneficial interest

HOLDING OF ROBERT LAING (NON BENEFICIAL)



6. Description of shares (including class), debentures or derivatives or
financial instruments relating to shares

ORDINARY 25P SHARES



7. Name of registered shareholders(s) and, if more than one, the number of
shares held by each of them

ROBERT LAING

8 State the nature of the transaction

VESTING OF INTEREST IN TRUST & DAUGHTER CEASING TO BE CONNECTED PERSON.



9. Number of shares, debentures or financial instruments relating to shares
acquired

N/A



10. Percentage of issued class acquired (treasury shares of that class should
not be taken into account when calculating percentage)

N/A



11. Number of shares, debentures or financial instruments relating to shares
disposed

10,000



12. Percentage of issued class disposed (treasury shares of that class should
not be taken into account when calculating percentage)

0.015%



13. Price per share or value of transaction

N/A



14. Date and place of transaction

15 SEPTEMBER 2006



15. Total holding following notification and total percentage holding following
notification (any treasury shares should not be taken into account when
calculating percentage)

860,000 ORDINARY SHARES  BENEFICIAL 1.30%

10,000 ORDINARY SHARES  NON BENEFICIAL 0.015%

16. Date issuer informed of transaction

24 JANUARY 2007



If a person discharging managerial responsibilities has been granted options by
the issuer complete the following boxes



17 Date of grant



....................................



18. Period during which or date on which it can be exercised



....................................



19. Total amount paid (if any) for grant of the option



....................................



20. Description of shares or debentures involved (class and number)



....................................

....................................



21. Exercise price (if fixed at time of grant) or indication that price is to be
fixed at the time of exercise



....................................



22. Total number of shares or debentures over which options held following
notification



....................................



23. Any additional information



....................................



24. Name of contact and telephone number for queries

Chris Hill, Baillie Gifford & Co., 0131 275 3195

Name and signature of duly authorised officer of issuer responsible for making
notification



....................................



Date of notification

24 January 2007

END


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