EDINBURGH Investment Trust (EIT) has declared that a vote for Scottish independence would create major prolonged uncertainties for the Scottish economy and the regulatory environment, while reporting index-beating annual results.

The Scottish-registered trust, managed from Henley-on-Thames by Mark Barnett of Invesco Perpetual, reported a total return on net asset value of 12.5 per cent for the year to March 31. This was ahead of a return of 8.8 per cent on its benchmark FTSE All-Share Index.

EIT, which had shareholders' funds of £1.23 billion at March 31, says in its results: "The company is registered in Scotland and the board is mindful of the referendum on Scottish independence in September 2014. The board considers a vote for Scottish independence will create major prolonged uncertainties, both for the Scottish economy, including tax and currency, and for the regulatory environment in which the company operates."

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The trust's chairman, Jim Pettigrew, says: "This is a serious question for any company, like ours, which is registered in Scotland … The board will continue to keep the situation under review and to look to act in shareholders' best interests."

EIT proposed a final dividend of 8.5p-a-share, resulting in a 3.1 per cent rise in full-year dividend to 23.5p.