Definitely not a 5/1 as that was a side-valve model, which this obviously isn't. Not an L2/1 or 2/1, as suggested for those fuel tanks were different. Ditto for the 3/x models.
The Model 5/5 of 1935 had an optional upswept exhaust such as on this machine although the sales brochure for that year showed it to be slightly longer and slimmer; not that that proves anything, for sales brochures were notoriously inaccurate when compared with machines as actually made. The 1935 Model 5/5 came with the foot-change attachment as standard and thus the tank did not require, or have, the threaded mountings for a handchange gate.
I would say that this was most likely a 493cc 1935 Model 5/4 with the optional footchange and an upswept exhaust, which may or may not have been supplied by Triumph.
Cheers, Peter C.
(Triumph specialist for the VMCC of Britain)