formationfoto
Yes, you are quite correct that a director's use of a company owned aircraft, is a taxable benefit, unless that director pays the company a sensible rate for the aircraft use. There are no scale rates, as there are for company cars, but the principle is the same. That was one of the reasons, why I said that nowadays, there is little tax advantage in owning an aircraft, via a company.
On the insurance side, I am not an expert on this, but there does seem to be moves in the law, (especially in the USA) in the direction of pursuing directors for uninsured claims against companies. Obviously, if this does become a trend, then forming a company just for one light aircraft, may be even less attractive.