Thanks Clubman, it's my child alright. I hadn't realised this was allowable. Just one final point - does any such amount given mean that this later comes off the inheritance allowance?
Yes - the limit relates to cumulative gifts where applicable - e.g. if you gift €50K now then your child has €416,725 of his/her inheritance/gift allowance from you left for use in the future.
Also, under the annual small gifts exemption, you can give them €3,000 per year outside the tax system (i.e. it doesn't contribute towards the cumulative sum received that brings them closer to the CAT threshold).
So if they don't actually need a lump sum now, it would be more tax efficient to give them €3,000 p.a. on an ongoing basis - or maybe depending on your age/their age, some of the money as €3,000 pa and the rest as a lump sum when they need it.