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Very important change to the budgeting regime coming into effect from 1 October 2019

Practitioners should be aware of a very important change to the budgeting regime coming into effect from 1 October 2019 by way of the 109th Update to the CPR. Budgets have generally been prepared such that the “incurred costs” shown will be the costs which have been incurred up to the date the Budget is prepared. From 1 October that will change and it will be necessary to show as incurred costs all those costs which will have been incurred up to and including the date of the first costs management hearing. The note to the revised Practice Direction says: “Costs Management (PD 3E) effective from 01 October 2019: provides clearer guidance on the cut-off between budgeted costs and incurred cost

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