If the aircraft has a Certificate of Airworthiness, see ANO 130(2)(c). If a payment is made for the right to fly the aircraft, the flight is a public transport flight, for the purposes of the C of A provisions in part III of the ANO, unless one of the exceptions indicated later in the article applies. The aircraft will therefore require a transport category C of A. This is how a PPL rents an aircraft from a flying club. You can't rent an aircraft which has a private category C of A.
If the aircraft has no C of A but operates under a permit to fly, I would be surprised if it could be rented, but perhaps the PFA has worked out some arrangement here that the CAA is happy with.
PS: Thrifty, I can't answer your question about the N registration aircraft as the answer would depend on US Federal regulations rather than upon the ANO.
Last edited by FNG; 2nd April 2003 at 18:11.