I don't know the laws in the UK but from what I have seen I would bet that you wouldn't be able to pass a yearly inspection but who knows.
This is possible. At least I am considering this risk here
Good option would be to buy an aftermarker exhaust/pipes and keep the stock stuff ready to be used if needed...
- Z1000 2011 ABS Black Edition BATBIKE
Rizoma crash pads & front fork & muffler protectors, matt windshield, tail tidy kit, alu mirrors, 16T FS, Arrow headers
- Intruder VS1400
Vance&Hines, Jet Kit stage 2