The crash happened yesterday afternoon at Elvington Airfield.
North Yorkshire Police said officers were called to a serious collision at the airfield at shortly after 4.30pm, and were at the scene with the ambulance service.
Motorsport UK has issued a statement saying it was ‘deeply saddened’ to announce that a fatal accident occurred this afternoon at Elvington Airfield during a British Land Speed Record attempt.
“Motorsport UK, together with the event organiser and the local police, has begun a full investigation into the circumstances of the incident,” it said.
“Further information will be provided once the initial findings of the investigation are available.
“Our thoughts are with the driver’s family, who have been informed, the organisers of the event, and other members of the motorsport community present.”
The Sun has reported that the driver was trying to break the 270mph British land speed record.
Former Top Gear presenter Richard Hammond was involved in a crash while driving a jet powered car at the same airfield in 2006, suffering brain injuries which left him in a coma for two weeks.