I have done aircraft repositioning in my previous lives and can assure you that it is fatiguing and therefore should be paid credit hours. Something along the lines of 30 minutes credit or actual, whichever is greater.
It should also count as an operating sector for the purposes of determining max FDP. You will go through most of your normal pre-flight and post-flight checks to do this. Again, it is fatiguing. To get no credit or FTL acknowledgement of this job would be wrong.