If you build a kit car according to the rules it does not get a V5 until it has passed IVA and been registered by DVLA.
If it has used a donor car then that vehicle should have had a V5, but when it was finally scrapped/disposed of then the V5 should have been returned to DVLA by one route or another.
So the overall result is no V5.
On the other hand if you kept the V5 from the Donor then you will then end up using a V5 for, say, a Sierra as your Robin Hood Lotus 7 look alike. That ain't legal, plod and others would take exception to it.
The only exception is if the chassis is re-used (like the Sammio using Herald chassis, or beach buggies using VW chassis), in which case the V5 can be used.
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