How can it not be legal, unless you (the owner) charge less than the actual cost of the flight direct costs (fuel) and are not in the aircraft.
Surely you (the owner) are operating just like and club, limited company of sole tradership. Ie offering the plane for rental. for a fixed cost, at a profit to the fixed costs, to cover the variable costs. As the long as it's a p-transport aircraft what's different. You both don't need an AOC. Any the persons flying the aircraft are 'club' members, not shareholders. You don't need your own office, hangar, bar ??? to be a club.
As the pilots are not share holders, you can have as many as you wish, just like any other club. And as a club you can ask for a 'security deposit', membership fees and form rules.
Yes it would be treated as a business by IR, so if you made a profit, you pay tax. Or if like someone I know it is part of your limited company it either goes on or comes off your bottom line.
I can't see any grey in that.
