Sounds like a worn camshaft or hydraulic tappets. It'll cost a bit to repair, a new camshaft is expensive and a set of new hydraulic tappets won't be cheap.
If the car is old I wouldn't bother. When it fails the MOT you'll need to judge whether to get rid by selling it for spares or repair.
The noise itself won't cause it to fail the MOT.
ChicksFan, May 2013