Interim Results

VALUE AND INCOME TRUST PLC

                     PRELIMINARY ANNOUNCEMENT OF THE RESULTS
                    FOR THE HALF YEAR ENDED 30 SEPTEMBER 2004

                                   (UNAUDITED)

SUMMARY

                    30 September   30 September   31 March 2004
                            2004           2003
Net  Asset Value          160.9p         130.7p          151.9p
per Share (valuing
debt at market)
Net  Asset Value          180.0p         157.8p          170.9p
per Share (valuing
debt at par)
Share Price               159.5p         138.3p          143.3p
Dividend per                3.0p           3.0p            6.0p
Share
                       (interim)      (interim)         (total)



Value and Income Trust invests in higher yielding, less fashionable areas of the
UK commercial property and equity markets, particularly in medium  and  smaller
sized  companies. It aims for long term real growth in dividends  and  capital
values without undue risk.

Equity  markets have traded in a narrow range for most of this year due  to  the
conflict  between good news from companies and the escalating  tensions  in  the
Middle  East. Over the past six months VIT's share price is up by 11.3% and  the
net  asset  value  by 5.9%, while the FTSE All-Share Index has  risen  by  3.4%.
Retail  property  capital  values  continue to  rise  strongly;  VIT's  property
portfolio is revalued annually in March.

An interim dividend of 3.0p has been declared payable on 7 January 2005 to those
shareholders on the register on 10 December 2004.

The formal results which follow at the end of this Announcement are presented in
the  format  recommended  in the AITC's Statement of  Recommended  Practice  for
Accounts  of  Investment  Trust companies as utilised in  preparing  the  Annual
Report for the year ended 31 March 2004.

The  Interim  Report will be posted to shareholders on 5 November 2004.   Copies
can  be obtained from OLIM Limited, Pollen House, 10-12 Cork Street, London  W1S
3NP  or  Edinburgh  Fund  Managers plc, Donaldson House, 97  Haymarket  Terrace,
Edinburgh, EH12 5HD.


Enquiries:     Matthew Oakeshott or Angela Lascelles
               OLIM Limited
               Tel:  [phone] / Fax:  [phone]



               CONSOLIDATED STATEMENT OF TOTAL RETURN (UNAUDITED)
                    FOR THE HALF YEAR ENDED 30 SEPTEMBER 2004

                         Six months ended              Six months ended
                         30 September 2004            30 September 2003
                     Revenue   Capital    Total   Revenue   Capital     Total
                       £'000     £'000    £'000     £'000     £'000     £'000
Income
Income from            1,766         -    1,766     2,033         -     2,033
Investments
Rental Income          1,554         -    1,554     1,414         -     1,414
Interest                  49                 49
receivable on                        -                111         -       111
short-term
deposits
Other Income               1         -        1         -         -         -
                      ______    ______   ______    ______    ______    ______
                       3,370         -    3,370     3,558         -     3,558
Expenses
Investment             (131)     (306)    (437)     (192)     (192)     (384)
Management Fee
Administrative         (226)         -    (226)     (220)         -     (220)
Expenses
                      ______    ______   ______    ______    ______    ______
                       3,013     (306)    2,707     3,146     (192)     2,954
Capital
Profits/(Losses)
Net realised gains         -     1,347    1,347         -     1,608     1,608
on Investments
Movement in                -     3,220    3,220         -     7,200     7,200
unrealised
Appreciation
                      ______    ______   ______    ______    ______    ______
Net return before      3,013     4,261    7,274     3,146     8,616    11,762
finance costs and
taxation
Interest payable     (1,751)         -  (1,751)   (1,751)         -   (1,751)
and similar
charges
                      ______    ______   ______    ______    ______    ______
Return on ordinary     1,262     4,261    5,523     1,395     8,616    10,011
activities before
taxation
Taxation                   -         -        -         -         -         -
                      ______    ______   ______    ______    ______    ______
Return                 1,262     4,261    5,523     1,395     8,616    10,011
attributable to
Equity shareholders
Dividends in         (1,366)         -  (1,366)   (1,366)         -   (1,366)
respect
of equity shares
                      ______    ______   ______    ______    ______    ______
Transfer (from)/to     (104)     4,261    4,157        29     8,616     8,645
reserves
                      ______    ______   ______    ______    ______    ______
Return per             2.77p     9.36p   12.13p     3.07p    18.92p    21.99p
ordinary share
                      ______    ______   ______    ______    ______    ______



SUMMARISED CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2004 (UNAUDITED)

                               30 September         31 March     30 September
                                       2004             2004             2003
                                      £'000            £'000            £'000
Total Investments                   116,341          113,733          104,070
Net Current Assets                    1,187            (350)            3,363
                                     ______           ______           ______
Total  Assets less  Current         117,528          113,383          107,433
Liabilities
Creditors  due  after   one        (35,527)         (35,539)         (35,551)
year
                                     ______           ______           ______
Total Net Assets                     82,001           77,844           71,882
                                     ______           ______           ______


                               CASH FLOW STATEMENT
             FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2004 (UNAUDITED)

                                      Six months ended  Six months ended
                                          30 September      30 September
                                                  2004              2003
                                                 £'000             £'000
Operating activities
Net cash inflow from operating                   2,437             2,368
activities

Servicing of Finance
Interest paid                                  (1,763)           (1,763)

Taxation
UK tax received/(paid)                               -                 -

Financial investment
Purchase of investments                        (5,751)          (10,228)
Sale of investments                              5,962            11,338
Net cash inflow from financial                     211             1,110
investment

Equity dividends paid                          (1,366)           (1,321)

NET CASH (OUTFLOW)/INFLOW                        (481)               394
BEFORE FINANCING

(DECREASE)/INCREASE IN CASH                      (481)               394


Notes:
(1)  The  revenue  column of the statement of total return  is  the
     income account of the Group.
(2)  The  position as at 31 March 2004 is an abridged version  from
     the full accounts for that year, which received an unqualified
     audit  report and which have been filed with the Registrar  of
     Companies.
(3)  For  the  year to 31 March 2005, 70% (31 March 2004 - 50%)  of
     the investment management fee of the Group has been charged to
     capital  in line with the expected long term split of  returns
     of the Group.
(4)  The  interim  dividend  will be paid  on  7  January  2005  to
     shareholders  on  the  register at close  of  business  on  10
     December 2004. The ex-dividend date is 8 December 2004.
(5)  The  Interim Report will be issued on 5 November 2004.  Copies
     may  be  obtained from OLIM Limited, Pollen House,  10/12 Cork
     Street,  London  W1S  3NP  or  Edinburgh  Fund  Managers   plc,
     Donaldson House, 97 Haymarket Terrace, Edinburgh, EH12 5HD.