Yes it is but the answer may change depending upon what package you actually have which you don't mention, do you mean a non-subscription SKY+HD (with or without a FTV card) or a SKY+HD with a SD SKY pay package?
Sorry for not being more specific. I have one of the original SKY HD boxes. I cancelled the contract sometime ago due to financial reasons. If I now call Sky and ask to reinstate my subscription with just the basic package, I think it's £18, will I be able to view and record the likes of BBC HD?