It is a White Phosphorus smoke grenade developed in the 1920's. It's designation is Grenade, Hand or Rifle, No 55 WP Mark I (other minor variations to the designation were used).
It uses an Allways fuze based on Humphries design and was one of a series of grenades produced for the 2-inch discharger cup of which the No 54, No 55 and No 56 made the Service list.
It would be nice to see the complete document referring to this grenade. The diagram is copied from the British Textbook of Small Arms 1929.
They were not very successful and not many were made. I only know of one in existence.