Thank you for your reply, Red Onion! It’s good to know that it’s technically possible. I was thinking in terms of purchasing a rental property and immediately transferring ownership, in which case, presumably, no CGT would be due, although stamp duty etc. would have to be paid twice.
I’m aware that it would be a complicated and somewhat expensive process requiring specialist advice, but given certain assumptions involving the parent’s life expectancy, the trajectory of property values, and future CAT thresholds—any of which might of course turn out false—the potential tax savings could outweigh the transaction costs incurred.