Capital Gains Tax

Could anyone advise me on the following situation. If a father transfers a property to his son, he must pay Capital Gains Tax, correct? If so, what are the best ways to reduce what he must pay if the house in Donegal was bought for 80,000 in 1992 and is now worth about 175000? This is simply a transfer and no money is changing hands for the property, does this make any difference?

My understanding is that this type of situation is covered under Capital Acquisitions Tax and the tresholds for 2005 are 466,725 so no tax payable.

By the way a property worth 80,000 in 1992 would I think be worth a lot more than 175,000 to day. Are you sure your figures are correct.