Interim Management Statement

Standard Life UK Small.Co's Tst PLC
19 November 2007


Standard Life UK Smaller Companies Trust plc

Interim Management Statement

Three months ended 30 September 2007

To the members of Standard Life UK Smaller Companies Trust plc ('the Company')

This Interim Management Statement ('IMS') has been produced solely to provide
additional information to shareholders as a body to meet the relevant
requirements of the UK Listing Authority's Disclosure and Transparency Rules. It
should not be relied upon by any other party or for any other purpose.

This IMS relates to the period from 1 July 2007 to 30 September 2007 and
contains information that covers this period, and up to the date of publication
of this IMS, unless otherwise specified.

Investment objective

The objective of Standard Life UK Smaller Companies Trust plc ('the Company') is
to achieve long term capital growth by investment in UK quoted smaller
companies.

Benchmark

Extended Hoare Govett Smaller Companies Index (excluding Investment Trusts).

Material events

At an Extraordinary General Meeting of the Company held on 21 August 2007,
shareholders approved a change in the Company's name to Standard Life UK Smaller
Companies Trust plc.  Shareholders further approved proposals to renew the
authority to buy back up to 14.99% of the Company's issued share capital for
cancellation or to be held in treasury. Also renewed by shareholders were the
further authorities to issue up to 33 per cent. additional shares (including the
reissue of shares from treasury subject to certain conditions) as well as the
disapplication of pre-emption rights on the allotment of shares up to 5 per
cent. of the issued share capital.

On 22 August 2007, the Company repaid in full the outstanding £9.6m debenture
loan stock 2023 which was replaced by a revolving credit facility with Lloyds
TSB Bank plc.

Following shareholder approval at the Annual General Meeting held on 23 October
2007, a final dividend of 0.80 pence per ordinary share was paid on 26 October
2007 to shareholders on the register as at 12 October 2007.

Ten largest equity holdings as at 30 September 2007 and Transactions in Period

      Ranking as at      Transaction      Ranking as at                         Market Value at 30                   
  30 September 2007        in period       30 June 2007 Investment                  September 2007   %

                  1                -                  3 Chloride                         1,855,535 3.8
                  2                -                  8 Lavendon                         1,652,550 3.4
                  3                -                  4 Aveva                            1,617,663 3.4
                  4                -                  2 Dominos Pizza                    1,439,052 3.0
                  5             Sale                  6 Autonomy                         1,390,808 2.9
                  6         Purchase                  - Expro International              1,366,704 2.8
                  7         Purchase                  - Paddy Power                      1,340,189 2.8
                  8         Purchase                  - Corin                            1,275,000 2.6
                  9             Sale                  5 Genus                            1,171,673 2.4
                 10                -                  - Axon                             1,131,975 2.3

                                                        Gross Assets                               29.4

Total assets breakdown as at 30 September 2007
                                              %
Industrials                                  32.2
Consumer Services                            24.2
Technology                                   14.4
Financials                                   8.1
Healthcare                                   7.7
Oil & Gas                                    6.9
Basic Materials                              3.3
Consumer Goods                               2.0
Utilities                                    1.2
Total                                       100.0



General description of Company's financial position and performance as at 30
September 2007

Gross Assets                            £55.2m
Discount                                15.6%
Current equity gearing                  6.0%

Source: Standard Life Investments, Bloomberg and Thomson Datastream



Cumulative performance (%)*
                                         As at        3 months          1 year         3 years         5 years
                             30 September 2007
Share price                             118.3p            -9.7            12.6           110.2           237.9
Net asset value                         140.1p            -9.5            11.3            93.4           137.3
Benchmark index#                                          -7.3             8.0            61.6           141.3


*Total Return; Net Income Reinvested, GBP
# Hoare Govett Smaller Companies Index (excluding Investment Companies)
Source: Standard Life Investments, Bloomberg and Thomson Datastream



The Board is not aware of any significant events or transactions which have
occurred between 30 September 2007 and the date of publication of this IMS,
other than those referred to above, which would have a material impact on the
financial position of the Company.



For the Manager's current Investment Review & Outlook, please refer to the
latest Quarterly Update which is available via the Company's website,
www.standardlifeinvestments.co.uk/its.



Please note that past performance is not necessarily a guide to the future and
that the value of investments and the income from them may fall as well as rise.
  Investors may not get back the amount they originally invested.



For Standard Life UK Smaller Companies Trust plc

Edinburgh Fund Managers PLC, Secretary



19 November 2007


                      This information is provided by RNS
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