Where shares are held in bare trust (where the declaration of trust is in place), the trustees are looked though and the real beneficial owners (i.e. the persons named in the declaration of trust) must be included the beneficial ownership register. The European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2016 refers.
Where a discretionary trust (i.e. a true trust exists) exists then the trustees are to be listed as the beneficial owners on the beneficial ownership register.