You can always rely on BIK to have the goods, as is the case here.
One section of the regs that you (BIK) are sure to be aware of but should always be included in this train of discussion, is para (9) of the same section, to wit:
"Any reference in these Regulations to the owner of an aircraft must, where under a contract of hire or charter agreement the control, maintenance and operation of the aircraft is vested in the hirer, be read as a reference to the hirer"
Bearing in mind an agreement does not necessarily have to be a written contract.
In essence, when read with the previously discussed para (7)(d) and (7A), means that the operator of an aircraft is to be considered the owner for the purposes of these regs, and the context may then be seen to be significantly different.
Bottom line is that the 'owner' can fly whatever aircraft type he/she is endorsed on, carrying as many people as it is certified for, anywhere they like, as long as the passengers are not paying for the ride (other than under (7A) cost share).