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I want to sell 'gift certificates' on the store. I was planning creating a 'Gift Certificate' product with different versions for each value - e.g. "£20", "£50" etc.
How do I stop them getting charged tax and shipping?
To set a product as having no tax, you need to select the version tax band to a 0% band.
To charge no shipping, you need to ensure that the shipping band the certificates fall in are zero priced. The best way to do this is to set the shipping to calculate by weight, set the weight of the certificates to 0, then make the first shipping band free for orders up to 0 in weight.