A UILabel subclass that adds padding around the text and handles layout properly.

NRLabel.swift

import UIKit

class NRLabel : UILabel {

	var textInsets = UIEdgeInsets.zero {
		didSet { invalidateIntrinsicContentSize() }
	}

	override func textRect(forBounds bounds: CGRect, limitedToNumberOfLines numberOfLines: Int) -> CGRect {
		let insetRect = UIEdgeInsetsInsetRect(bounds, textInsets)
		let textRect = super.textRect(forBounds: insetRect, limitedToNumberOfLines: numberOfLines)
		let invertedInsets = UIEdgeInsets(top: -textInsets.top,
		                                  left: -textInsets.left,
		                                  bottom: -textInsets.bottom,
		                                  right: -textInsets.right)
		return UIEdgeInsetsInsetRect(textRect, invertedInsets)
	}

	override func drawText(in rect: CGRect) {
		super.drawText(in: UIEdgeInsetsInsetRect(rect, textInsets))
	}
}

@IBDesignable
extension NRLabel {

	@IBInspectable
	var leftTextInset: CGFloat {
		set { textInsets.left = newValue }
		get { return textInsets.left }
	}

	@IBInspectable
	var rightTextInset: CGFloat {
		set { textInsets.right = newValue }
		get { return textInsets.right }
	}

	@IBInspectable
	var topTextInset: CGFloat {
		set { textInsets.top = newValue }
		get { return textInsets.top }
	}

	@IBInspectable
	var bottomTextInset: CGFloat {
		set { textInsets.bottom = newValue }
		get { return textInsets.bottom }
	}
}