Kind offer from parents - tax implications

[whatthejuice]

My parents have offered to loan us some money for house renovations. We would pay them back at an agreed amount yearly for the next 5 years.
Will I be liable to pay any tax?

No. Why would you ?

I mean, you wouldn't if they gave it you, over time. (Would need to look up the amounts).

The only thing might be potential inheritance tax liability, if they die before you finish paying it back. But that might depend on how much they’re lending and whether their estate is large enough for inheritance tax to apply.

Thanks for your helpful reply :)