My Daytona was built on a 1978 XJ12. The body shell was cut about a lot during the conversion. I took the rules to mean that on this particular conversion the modifications would have to have been done over 30 years ago for it to be MOT exempt. The problem was proving when the conversion was done. As luck would have it, there was an American magazine article on the car for sale on eBay.com, it clearly showed the car, registration number and it was dated over 30 years ago. With this proof I filled out the relevant form and the car was registered as MOT exempt. No follow up requesting proof of age of conversion.
It may be different if the car had had an IVA to change the V5 as current regulations need. The IVA would alert the DVLA that the vehicle had been modified and not qualify.
So if the car has had an IVA I don't think you will get an exemption, if the V5 was modified before the IVA rules changed then I think you will be alright, this is of course only a guess, god knows what goes on in the collective minds at the DVLA.
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