The provisions of this Act, so far as relating to the consequences of the death of ... a proper liferenter of any property, shall have effect subject to the provisions of this section.
... on the death of any such ... liferenter ... the person (if any) who, on the death of the liferenter, becomes entitled to possession of the property as fiar shall be deemed to have acquired all the assets forming part of the property at the date of the deceased's death for a consideration equal to their market value at that date.