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Thanks for your question. I am a solicitor in Scotland with 35 years of experience in private practice and I hope that I can help you with your question today. Let me have a quick look at your question and I will either give you an initial answer or ask you for further information. I aim to respond as quickly as I can but sometimes I may want to take a little time to consider your question so as to give you the best possible answer.
HMRC consider that a liferent does have value and may have to be included in the estate inventory, yes. In some circumstances, where a person has an interest in possession in, or is treated as having an interest in possession in settled property, they are treated for Inheritance Tax as if they owned those assets personally. You have to find out from the estate solicitor whether and why this estate falls into that category. It may be to do with the Deed of Variation but the solicitor should be able to give you a full explanation.
I hope this helped you today. Please do let me know if I can clarify anything. I am always happy to help. You are always welcome to ask a follow up question if it will help you further.