A vehicle does not have to have a Cat ... however it does still need to pass the emissions test which will be difficult if the Cat is needed to lower the CO levels. Sometimes you can get away with it, sometimes you can't. Personally I would get a section made to replace it and get it tested (as in emissions tested) and figure out if you need it for the MOT.
And yes it is age dependant on the levels they test. My old Nissan 300ZX has no Cat and doesn't need the CO levels tested it seems so I got away with it.
"The catalyst test is part of the MOT test for most spark ignition petrol engined passenger cars with four or more wheels first used on and after 1 August 1992.
Carbon monoxide (CO), hydrocarbons (HC) and lambda (~) are checked at fast idle speed and carbon monoxide (CO) is checked again at idle speed.
The test should be self explanatory using the automated routine on 1996 specification exhaust gas analysers The following points should be borne in mind."
Extracted from section B1 from here.
http://www.motuk.co.uk/manual_730.htm