I have rebuilt an older AMD-FX system (all the details here if you are interested). Problem has been a difficult to pin down 'clicking' noise that came to a head when there was a definite click and complete loss of power to the Slackware-based system.

After some trouble shooting I noticed that when I plugged the computer directly to the socket, bypassing the surge protector, there is no clicking and no shutdown.

Culprits could be:

1. Corsair TX-850 V2 850W, this is the original PSU and it would be 6 years old.
2. Belkwin 10A 2400 watt 6 plug surge protector

I have a suspicion that a good bet would be to replace the PSU but I was keen to hear the thoughts of others...

Clicking makes me thing of a bad relay.

Of course, I don't know if surge protectors even have relays, but that's what I'd check for first.

How old is the Surge protector? They do not last forever and would be the first thing to replace.

What else is plugged into the surge protector?

The surge protector is brand new...

Just the standard computer peripherals: monitor, speakers, external 4TB HDD.

"directly to the socket, bypassing the surge protector, there is no clicking and no shutdown."

I wouldn't look any farther. You proved to me at least that the surge protector is at fault.

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Indeed and after I found the docket I saw a 12 month warranty and I have successfully obtained a full refund. Consumer law is pretty cool