If you earn interest on savings, you pay a tax on the interest called Deposit Interest Retention Tax (DIRT). Information about DIRT, who pays it and exemptions and reliefs.
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In many or most cases this is deducted at source by the bank.
If you gift the money to someone else there are no tax liabilities for you. Whether or not the recipient will have a CAT/Gift Tax liability depends on the amount involved, their relationship to you, what previous gifts they may have received, etc.