Yes, up to a certain amount. Any gift that is deemed to be ‘regular’, paid out of income, with no reduction to lifestyle is both immediately free from inheritance and limitless in amount. This covers regular day-to-day gifts, birthdays and Christmases. It’s best to get in touch with a financial adviser if you aren’t sure what constitutes a regular gift. Gifts to your spouse or civil partner are also exempt from tax during your lifetime, or upon death.