Director Shareholding

Murray Income Trust PLC
23 July 2003



                                  SCHEDULE 11

          NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS


1) Name of company

MURRAY INCOME TRUST PLC

2) Name of director

PATRICK A F GIFFORD

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 or in respect of a
non-beneficial interest

AS IN 2

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

AS IN 2


5) Please state whether notification relates to a person(s) connected
with the Director named in 2 above and identify the connected person(s)

AS IN 2

6) Please state the nature of the transaction. For PEP transactions
please indicate whether general/single co PEP and if discretionary/non
discretionary

PURCHASE THROUGH INVESTMENT TRUST SAVINGS SCHEME

7) Number of shares/amount of
stock acquired

16 July 2003      85

22 July 2003     236
                 ---
                 321
                 ---
8) Percentage of issued class

0.0004%

9) Number of shares/amount
of stock disposed

-

10) Percentage of issued class

-

11) Class of security

ORDINARY 25p

12) Price per share

422p

13) Date of transaction

16 July 2003 85

22 July 2003 236

14) Date company informed

STATEMENT RECEIVED FROM SCHEME ADMINISTRATOR 23 July 2003

15) Total holding following this notification

8,634 ORDINARY SHARES

16) Total percentage holding of issued class following this notification

0.012%

If a director has been granted options by the company please complete the
following boxes

17) Date of grant

18) Period during which or date on which exercisable

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

20) Description of shares or debentures involved: class, number

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

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

23) Any additional information

24) Name of contact and telephone number for queries

PAT BARNES ON 0141 306 7552

25) Name and signature of authorised company official responsible for
making this notification

23 July 2003

Date of Notification..................................





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