The Northern Ireland Motor Club released a statement last night.
"It is with deep regret that the Northern Ireland Motor Club can confirm that twenty-year-old Timothy Cathcart from Enniskillen, was sadly killed when his car left the road on the Fardross stage of the Ulster Rally. His co-driver, Dai Roberts from Carmarthen in Wales, was also injured in the incident and he is currently receiving hospital treatment.
The local driver was competing as part of the British Rally Championship, on board a Citroen DS3 R3.
As with all incidents of this nature, an investigation is now being carried out by the PSNI and appropriate Local Authority. The Northern Ireland Motor Club and the Ulster Rally Organising Team together with the sport’s governing body, the Motor Sports Association (MSA), are co-operating fully with the investigation. The MSA will conduct its own separate enquiry once the Police investigation is concluded."
As a mark of respect the organisers decided to cancel the remainder of the 2014 event.
The rally was scheduled to have 15 stages run through counties Fermanagh and Tyrone.