Greetings,
It's a lifting eye for removing a stubborn valve cover.   More commonly used 
as a "bonking" tab though.  ( just give it a whack with a hammer)   
Yeah......that's what it is ;0)
I think, on the Renown, that tab was used to help support the air cleaner 
assembly.    In at least one case it was used as a support point for the 
water temp gauge capillary tube.  (Page 44 of  Piggott's Original Triumph TR 
Restorer's Guide)  That was an Italia, though.
Rich Rock
Pottstown, PA
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