Interim Management Statement

Invesco Perpetual UK Smaller Companies Investment Trust plc

                         Interim Management Statement                          

                   for the Three Months ended 30 April 2008                    

Material Events

No material events occurred during the period.

Dividends

In the period, a final dividend of 2.25p per ordinary share was declared and
will be paid on 19 May 2008 to shareholders on the register on 18 April 2008.

Performance - Total Return

                             3 Months     1 Year      3 Years      5 Years   
                                                                             
Share Price                        7.6%      -12.2%        57.1%       177.1%
                                                                             
Net Asset Value                    6.3%       -8.6%        62.0%       174.0%
                                                                             
Extended Hoare Govett SMC          2.3%      -19.3%        40.6%       137.1%
Index                                                                        
                                                                             
(ex Investment Companies)                                                    

Source: Fundamental Data

Share Price and Discount

                                             For the Three Months Ended      
                                                                             
                                                   30 April 2008             
                                                                             
                      As at 30 April       High         Low        Average   
                           2008                                              
                                                                             
Share Price (pence)        174.5          182.5        159.0        170.6    
                                                                             
Discount                   18.2%                                             

Assets and Gearing

                                30 April 2008   31 January 2008        Change
                                                                             
Total Gross Assets (£m)                 128.4             127.7          0.5%
                                                                             
of which cash (£m)                          -                 -              
                                                                             
Borrowings (£m)                           0.9               2.8             -
                                                                             
Net Asset Value (pence)                 213.4              203.0†        5.1%
                                                                             
Actual Gearing                            101               102              
                                                                             
Asset Gearing                             102               101              

† - ex dividend

`Actual Gearing' reflects loans drawn down, whereas `Asset Gearing' reflects
the amount of loans invested in the portfolio. A figure of 100 means that the
Trust has no gearing.

Sector Breakdown of Portfolio

                      30 April 2008    31 January
                                             2008
                                                 
Industrials                   51.6%         49.3%
                                                 
Financial                     11.0%         12.5%
                                                 
Health Care                    9.6%          9.9%
                                                 
Consumer Services              6.6%          7.4%
                                                 
Oil & Gas                      5.9%          5.0%
                                                 
Basic Materials                5.8%          4.7%
                                                 
Technology                     5.4%          5.6%
                                                 
Consumer Goods                 3.6%          4.7%
                                                 
Telecommunications             0.5%          0.5%
                                                 
Utilities                      0.0%          0.4%

Top Ten Holdings

Ranking  Top Ten Holdings*             % of     
                                     Portfolio  
now                                             
                                                
1        Fenner                        3.2%     
                                                
2        Chemring                      3.1%     
                                                
3        Synergy Healthcare            3.1%     
                                                
4        VT                            3.0%     
                                                
5        Mouchel Parkman               2.8%     
                                                
6        Dignity                       2.4%     
                                                
7        Expro                         1.9%     
                                                
8        Homeserve                     1.8%     
                                                
9        Serco                         1.8%     
                                                
10       Croda                         1.8%     

* Ordinary shares unless otherwise stated

Changes to Share Capital

                            Ordinary Shares of 20p 
                                     each          
                                                   
                                Issued   Treasury  
                                                   
As at 31 January 2008       60,889,229      0      
                                                   
Shares bought back         (1,152,600)      0      
                                                   
Share issued                       Nil      0      
                                                   
As at 30 April 2008         59,736,629      0      

The Company has authority to buy-back shares (for cancellation or into
Treasury) and to issue new shares (disapplying pre-emption rights), in each
case within specified limits.

Price and Performance

The Company's Ordinary shares are listed on the London Stock Exchange and the
price is published in the Financial Times under `Investment Companies' and in
the Daily Telegraph under `Investment Trusts'.

The Company's net asset value is calculated on a daily basis and can be viewed
on the London Stock Exchange website at www.londonstockexchange.com.

Further information can be obtained from Invesco Perpetual as follows:

Free Investor Helpline: 0800 085 8677

Internet address: www.invescoperpetual.co.uk/investmenttrusts

The information provided in this statement should not be considered as a
financial promotion.

Interim management statements are expected to be published in May and November
each year.

For and on behalf of

Invesco Asset Management Limited

14 May 2008

Registered Office

30 Finsbury Square, London, EC2A 1AG

Telephone: [phone]

Facsimile: 020 7065 3166

Registered in England No 2129187

An Investment Company under Section 833

of the Companies Act 2006