Flogging a V5 and chassis plate isnt something new. It used to be, probably still is, fairly common in the Harley world, where sometimes there isnt even any Harley in the Harley badged special ie new frame S&S motor, aftermarket farkles etc. And a black number plate and no need to mess around with silencers. Not that many modern Harleys seem to use silencers anyway.
I guess its not uncommon in the kit car market to avoid having a Q plate on, say, a fake Cobra.
No reason to assume that its only or even mainly for stolen cars. As I understand it stolen cars mostly either get broken up or shipped abroad. And as for fiddling the car tax, hands up who wouldnt do that given a serious chance of getting away with it?
That said this V5 might be a Q plate anyway