You can also solve this by initializing your UILabel with a custom frame.
CGRect initialFrame = CGRectMake(0, 0, 100, 100);
UIEdgeInsets contentInsets = UIEdgeInsetsMake(0, 10, 0, 0);
CGRect paddedFrame = UIEdgeInsetsInsetRect(initialFrame, contentInsets);
self.label = [[UILabel alloc] initWithFrame:paddedFrame];
Nod to CGRect Tricks.