Interim Report submitted to the UKLA

SCHEDULE 10

                    NOTIFICATION OF MAJOR INTERESTS IN SHARES

1)   Name of company
Aberforth Geared Capital & Income Trust plc

2)   Name of shareholder having a major interest
Artemis Investment Management Limited

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
Notification is in respect of the holdings for the following beneficial owners:
Artemis High Income Fund 1,050,000 shares
Artemis Income Fund       2,450,000 shares

4)   Name of the registered holder(s) and, if more than one holder, the
     number of shares held by each of them
n/a

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
Income Shares of 1p

10)  Date of transaction
n/a

11)  Date company informed
27 July 2004

12)  Total holding following this notification
3,500,000

13)  Total percentage holding of issued class following this notification
14.29%

14)  Any additional information
n/a

15)  Name of contact and telephone number for queries
Steven McKeane - 0131 220 0733

16)  Name and signature of authorised company official responsible for
     making this notification
Steven McKeane, for Aberforth Partners, Secretaries.

     Date of notification - 27 July 2004