Taxation of leases that are not long funding leases: leases with option for lessee to purchase the leased asset: operating leases with market value option
Operating leases may contain an option to purchase the leased asset for the market value of the leased asset at the time the option is exercised.
Assuming there are no other relevant facts, the existence of such an option does no more than give the lessee first option to buy the asset for its market value. As the option is by reference to the actual market value as established at the time the option is exercised then the lease rentals will not contain a capital element and so they cannot trigger CAA01/S67.
You should also accept that the rentals do not contain a capital element if the option is by reference to the market value as estimated at the start of the lease. In deciding whether this is the case you should ensure that the estimated market value is realistic. If the option is for a price less than the realistic estimate of the expected market value the rentals will contain a capital element and so will trigger CAA01/S67.
In both cases it is possible other payments will meet the condition for the lessee having incurred capital expenditure under the contract.
Cases of doubt or difficulty should be referred to CTIS (CT&BIT) for advice.