Thanks for flagging this. I've gone for it! Just to let others know this gift set also stacked with other No7 offers for me. If you spend £40 on No7 you get £10 off. Also, if you buy two No7 products you get a free gift, which is the colour palette that's included in the gift set. So I've essentially got the following for £38 total:
The Beauty Gift Set (worth £127)
A Single Eyeshadow colour
A pencil sharpener
A second shine colour palette
Definitely worth doing if you wanted to even separate things out into gifts and keep some items yourself.