In this paper, we show how Floquet theory may be combined with a technique known as Lifting to cast a linear periodically time-varying system subject to structured linear time invariant uncertainty in the form of a linear fractional transformation. The stability and performance robustness of the resulting system may then be analysed using standard μ -analysis methods. A significant advantage of the proposed approach is that it allows the computation of a worst-case destabilising uncertainty combination which may be used to estimate the conservatism of the computed robustness margin. An example is given to illustrate the application of the proposed approach.