Business rates will reflect property values more accurately after a shake-up being introduced in new legislation.

Local government minister, Rishi Sunak, said property revaluations for business rates payers in England will increase to every three years from the current five years.

He said the next revaluation will be brought forward a year from 2022 to 2021.

The reform was first unveiled in the Autumn Budget two years ago.

Mr Sunak said: 'We’ve listened to businesses asking for more frequent revaluations and are now acting so their bills will more accurately reflect current property values.

'By bringing forward the next revaluation to 2021, we are making sure businesses can benefit from the change as soon as possible.'