Director Shareholding

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

    PATRICK GIFFORD - ISA -               3,245
    MRS M GIFFORD (WIFE) - ISA -          3,245
    MRS M GIFFORD (WIFE) - SAVINGS PLAN - 4,218
                                         ------
                                         10,708
                                         ------

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/SALE THROUGH SAVINGS PLAN AND PURCHASE ISA

7)  Number of shares/amount of
    stock acquired

    16/7/04 - MR P A F GIFFORD - 34 - ISA
    16/7/04 - MRS M GIFFORD -    34 - ISA
    16/7/04 - MRS M GIFFORD -    44 - SAVINGS PLAN
                                ---
                                112
                                ---
8)  Percentage of issued class

    0.0002%

9)  Number of shares/amount of stock disposed

    -

10) Percentage of issued class

    -

11) Class of security

    ORDINARY 25p

12) Price per share

    PURCHASES:

    16/7/04 - ISA - 431.5p XD
    16/7/04 - ISA - 431.5p XD
    16/7/04 - SAVINGS PLAN - 431.5p XD

13) Date of transaction

    16/7/04 - ISA (MR P A F GIFFORD)
    16/7/04 - ISA (MRS M GIFFORD)
    16/7/04 - SAVINGS PLAN (MRS M GIFFORD)

14) Date company informed

    STATEMENT RECEIVED FROM PLAN ADMINISTRATOR 3 AUGUST 2004

15) Total holding following this notification

    10,708 ORDINARY SHARES

16) Total percentage holding of issued class following this notification

    0.015%

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

                            3 August 2004
    Date of Notification..................................