Yes, it's the Miglia Speedster, a kit which is designed to be built on a Triumph base as you say, with any Triumph engine including a V8. I don't know about an MG engine, that wasn't mentioned on their website, but I do know that the car pictured doesn't have an engine at all!
Although this project has been launched and there is a website, it is subject to a considerable amount of controversy as the owner of the Sammio rights is threating to sue Miglia for such a blatant copy of their product if they so much as even think of marketing it! The Miglia owners insist it's nothing like the Sammio of course....
1 point to you.