Thanks for your help. Looks like it's a non starter. I dont want to sell a proper share and the nominal share for a £1 doesn't pass my cast iron legal test.
One more question and sorry if I'm being thick but some people seem are saying there can never be payment for an aircraft unless it's PT category and others are saying there can be payment as long as they all belong to the same club.
If an owner of a Permit aircraft formed a club, a CPL could be paid for giving taildragger tuition to qualified PPLs as long as they all belong to the club but can the owner of the aircraft be paid for the use of the aircraft.
I can't see the point of the club exemption otherwise. Is it only an exemption if the owner gives the use of his aircraft to the club free of charge?