Multinational label.
Label Code: LC 0407 / LC 00407
Island Records (often using a logo that omits "Records") was named for Island In The Sun (a novel, film, and The Wailers in 1972.

In the UK, Island was independently distributed until mid-1977 when Blackwell did a deal with EMI Records Ltd.. The EMI Records Ltd. name thereafter appeared on UK labels until the early 1980s.

For several years, Island licensed American rights to its material to a variety of labels, most frequently A&M and Atlantic. In 1971, Island first gained its own US label identity through a distribution deal with Capitol. In 1973, Island's American division switched to independent distribution. US headquarters, formerly based in Los Angeles, were relocated to New York City in November 1977. In mid 1978, US Island began a series of manufacturing and distribution partnerships with major labels, first with Island Records Of Canada Ltd..

Blackwell sold Island to PolyGram in 1989, but remained chairman of Island Entertainment Group until 1997. Since 1999, the Island label has been under the control of the Republic Corps.

An early UK label history can be seen in this image.
UK prefixes (ca. 1981):
WIP and CWIP: standard 7" (dealer price: £0,70 exl. VAT)
IEP: E.P. 7" (dealer price: £0,91 exl. VAT)
12WIP: standard 12" (dealer price: £1,21 exl. VAT)
IPR, 12XWIP: specialist 12" (dealer price: £1,40 exl. VAT)
IRSP: mid price album (dealer price: £2,00 exl. VAT)
ICD: mid price double album (dealer price: £3,90 exl. VAT)
ILPS, ISA, ILP, M1, HNBL, ITOP: full price album (dealer price: £3,07 exl. VAT)
ILSP: full price double album (dealer price: £4,56 exl. VAT)
NDSP: box sets (dealer price: £6,09 exl. VAT)
ZCIRSP: mid price cassette (dealer price: £2,00 exl. VAT)
ZCI, ZCSA, ZCMI: full price cassette (dealer price: £3,07 exl. VAT)
ZCIP: full price double cassette (dealer price: £4,56 exl. VAT)
ICT: 1+1 (dealer price: £2,43 exl. VAT) - later used for standard cassette releases.