There's no law against it, providing that the repaired beam has sufficient structural integrity to meet the construction and use regulations. In the real world, that judgement will be made by the MOT tester each year; if he's not happy that the repair is structurally sound, the car will fail. As has already been said, sill plate repairs must be seam welded; spot welding is not acceptable.Is that even legal in the UK, it's changing a major component to something that has has no testing
Personally I doubt the crashworthiness of many of these major corrosion repairs; there have been plenty of examples of older, structuraly repaired cars being deliberately crash tested, often with what would have been devastating consequences for the occupants.
Just my own opinion now, but I'd say what's acceptable in terms of safety depends on the use to which a vehicle is being put; whilst current MOT standards might be acceptable in an occasionally driven classic, I'd want something closer to factory level protection in a daily driver. Once the rust has taken a hold to this extent, I'd not consider continuing to use the car as my primary transport, regardless of the economics of repair. If the rear subframe is this badly corroded, then the integrity of the structural bodyshell must surely be highly suspect.
In the case of the OP's car, I'd send it to the scrappers.