The total taxable income of all household members 18 years and older, including retirement and disability pension, private pension payments, capital income, foreign income, income from private businesses (contractor payments), various grants and the holiday and December bonuses.
Taxable income is estimated with information from the Icelandic Tax withholding register and applicants can access this information on their Service page on Skatturinn.
If the applicant or any other household member receives income from a private business or any foreign income that does not appear in the Icelandic Tax withholding register, they are advised to notify HMS of these amounts so we can include them in our income estimate. Otherwise, we will not be aware of it until we have access to next years tax return and as a result, overpaid benefits may have to be collected.
If the total income is below the minimum income limit, there will be no reduction to your housing benefits.
If the total income is above the maximum income limit, you will not be eligible for housing benefits.
The reduction to full benefits is about 11% of the amount exceeding the minimum income limit.