I have seventy thousand pounds in all. I wish to gift my grand

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There is no tax payable on the date of any proposed gfts to your grandchildren.
However, each gift will be a "potentially exempt transfer", meaning that provided you survive for 7 years from the date of the gift, none of the gifts (£50,000) will form part of your Estate for Inheritance tax purposes.
If you were to die within 7 years, then the gifts would become taxable, if your Estate was liable for Inheritance tax. There is a sliding scale of the amount taxable.
I have added the link to the HMRC website so you can see how this is worked out
http://www.hmrc.gov.uk/inheritancetax/how-to-value-estate/gifts.htm#4
If you were to survive for 7 years or your Estate is not large enough for Inheritance tax to become payable, then no tax is payable whatsoever!
I hope this assists and answers your question.
Kind Regards
Al
Thanks