Using Subclassed UILabel as Backing Control with Xamarin.Forms.Label Custom Renderer

I have created a custom renderer for a Xamarin.Forms Label in order to give it a border and some padding. The border was no problem, accessing properties on Control.Layer in OnElementChanged, but I found that adding padding between the border and text was not so straightforward.

I found some solutions that involved subclassing UILabel and overriding DrawText and utilizing UIEdgeInsets to adjust the rect in which the text is drawn. This is as far as I got, as now I am at the point where I have subclassed UILabel but am unsure as to how I can use my subclass as the native control backing my custom renderer.

I found reference to using SetNativeControl() in the renderer to specify the native control backing the renderer, but I would like to retain any data binding there may be between the control and TagLabel instance that my common code interacts with and I fear this may break it without knowing how the LabelRenderer class implements these data bindings.

Any insight would by greatly appreciated!

Here's some code:

TagLabel.cs

using Xamarin.Forms;

namespace Valor
{
    public class TagLabel : Label
    {

    }
}

TagLabelRenderer.cs

using System;

using Xamarin.Forms;
using Xamarin.Forms.Platform.iOS;

using MyProject;
using MyProject.iOS;

using UIKit;

[assembly: ExportRenderer (typeof(TagLabel), typeof(TagLabelRenderer))]

namespace Valor.iOS
{
    public class TagUILabel : UILabel {

        public UIEdgeInsets EdgeInsets { get; set; } = UIEdgeInsets.Zero;

        public override void DrawText (CoreGraphics.CGRect rect)
        {
            base.DrawText (EdgeInsets.InsetRect (rect));
        }
    }

    public class TagLabelRenderer : LabelRenderer
    {
        protected override void OnElementChanged (ElementChangedEventArgs<Label> e)
        {
            base.OnElementChanged (e);

            if (Control != null) {
                Control.Layer.BackgroundColor = Color.Red.ToCGColor ();
                Control.Layer.BorderColor = Color.Blue.ToCGColor ();
                Control.Layer.BorderWidth = (nfloat) 1.0;
                Control.Layer.CornerRadius = (nfloat) 5.0;
            }
        }
    }
}