So I have a CD https://musicbrainz.org/release/297a2f02-abc0-43c0-ae46-30babe207846 which states it’s distributed by https://musicbrainz.org/label/50c384a2-0b44-401b-b893-8181173339c7
But the Label code for https://musicbrainz.org/label/50c384a2-0b44-401b-b893-8181173339c7 is LC 00121 but the cover of the CD states LC 14666 - should I create a new label for this, or ignore the Label Code on the CD?
The LC code is usually for the production label, like the label you can see on the spine or on the back cover. Atlantic maybe.
The production label should be set next to the catalogue number, in the release editor.
The distribution label has a role after the artistic content is already produced.
This one should be set as a distributed by relationship.
Discogs agree on the same Atlantic. And they can be fussy over there 
https://www.discogs.com/Birdy-Beautiful-Lies/release/8305979