What about compensation? If the Govt chops off your front garden to build a road, they have to pay compensation. The figures for this would be astronomical.
I also don't like describing the keeping of an N-reg plane in the UK as a "loophole". Some things are prohibited and those are ILLEGAL. Everything else is LEGAL. Not 99% legal. It's 100% legal. This is actually a clear cut case, because we have the ANO (which doesn't prohibit it) and nothing else. It isn't like the tax law and its mountains of precedents.
Keeping an N-reg here is every bit just as legal giving your (non-working) wife half your savings so she can get the interest paid gross. Or selling enough shares to crystallise an £8400 gain every tax year. Etc.
"Loopholes" rank alongside "common law wives" - the press like to use the term but there is no such thing.