Child benefit

There is no need to apply for child benefit that is paid for children up to the age of 18. The child benefit is income related but, for each child below the age of 7, there is a supplement that is decided upon irrespective of income. Child benefit is not taxable. Child benefit is paid by the Financial Management Authority, Fjársýsla ríkisins each quarter, 1 February, 1 May, 1 August and 1 November.

Conditions

The Icelandic tax authorities calculate child benefit on the basis of information about the parents’ legal status and number of children at the end of the previous year. Consideration is also given to income according to the tax return for the previous year.