Yeah - Revenue would assess the difference between value of house and amount paid as a gift!
Possible way around it - if your child lives with you in the €1m gaff for three years before you cut the mortal coil and he/she continues to live there for few years afterwards, he/she will be in the clear!! Property taken out of inheritance tax net in this situation.
Need to plan ahead though - child would have to prove he/she lived there - bank statements going to that address, etc
