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The reason I asked was that I was wondering what would happen to my MP5 clone if it shit the bed. It's pretty old and has seen quite a bit of use, and it would suck if the receiver wore out and the $200 I paid for the stamp is gone.
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Basically yes the $200 stamp is now effectively gone if you wear out the receiver to the point it is unserviceable.
There used to me more legal leeway in this from a practical matter, but as people pushed the envelope (like AAC replacing Gemtechs cans using the same serial number and Oly replacing other SOT conversions of their semi-auto receivers) eventually the ATF started publishing guidelines in the strictest terms. Effectively meaning the Serial Numbered part cannot be replaced anymore. You can "repair" the firearm but in the case of Silencer tubes due to the funny business that went on 7 or 8 years ago there are now even restrictions/limitations on how the repairs can be performed on the tube.
That said, I have personally not seen any guidelines on limitations on the repair of an NFA registered HK MP5 style clone as long as you don't deface or obliterate the serial number or original manufacturer markings. So theoretically a lot could be done on an MP5 clone to "repair/refurbish" it, but from a practical standpoint its going to cost you more than $200, so you might as well just build a new one.
Couple of corner case scenarios that may or may not be 100% on the level.
Would it be possible for you un-short barrel it back to a pistol (i.e. remove the stock) send it back to the original manufacturer and see if they will replace it with a receiver bearing the same serial number. (perfectly legal to do on a regular semi-auto assuming the manufacturer will do it. some will some wont)
The manufacturer then sends you the replaced "pistol" back bearing the same serial number, you re-engrave your makers markings on it and put your stock back on and everything matches your paperwork. Now is it legal to put the stock back on a F1 SBR where the title 1 receiver has been replaced by the original manufacturer....maybe...maybe not...my spidey senses says its probably not worth $200 to find out.
If you SBRed you HK Pistol but used a serial number of your own designation (since there is no legal requirement for you to use the original mfg serial number) You wear out the first gun, toss it in the trash, and re-engrave your personal serial number and maker information on the second receiver of the same make/model and made by the same manufacturer. Legal...probably not....Would anybody ever really know or be able to prove which gun was originally registered.....probably not....worth saving $200 to find out....I doubt it.
The reality is that it is going to take at least 100X the amount of dollars in ammo ($20,000 at $200 per 1000rd case) the NFA tax stamp cost you to actually wear out a MP5 receiver to the point of being unserviceable, so I wouldn't sweat it too much. Figure the service life on an MP5 receiver is say 100,000 rounds (and I think that is probably low). It costs you an extra 0.2 cents every time you pull the trigger or 6 cents per 30rd mag.