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It's a good generic name for SEO and will look good in the search results. It's easy to understand as a generic, but in terms of being memorable then people will probably sometimes forget the UK in front, and go for the "true" generic, giftvouchers.com. In terms of memorability, slight variations from the "true" generic may not be as memorable as a short brandable term.
Thanks for the feedback. I'm also considering a '.net' alternative which would be a true generic. Do you feel the investment would deliver better results or is the regionalisation of the UK within the domain name a better branding asset? I also looked at GiftVouchers.co.uk but this was high xx,xxx, way out of my budget.
If you've regged UkGiftVouchers.com, then I think it's fine, particularly if you are doing pure SEO-type promotion, i.e. only trying to get ranked in Google.
If you are going to spend money on TV or radio, that's when memorability, ease of typing etc really come in, and you might consider a short brandable.