Corner Radius property of UILabel is not working in iOS 7.1

Add the next line to your code:

// Swift:
originaltagLbl.layer.masksToBounds = true

// Objective C:
originaltagLbl.layer.masksToBounds = YES;

For information see this SO answer, or read documentation.

Swift 3/4/5

    yourlabel.layer.cornerRadius = 8 //your desire radius
    yourlabel.layer.masksToBounds = true

Try setting the UILabel's clipsToBounds property to YES

It's true that clipsToBounds works in 7.1, but the problem is in situations where you're scrolling/animating it's really slow and makes everything laggy.

Setting the background color on the layer instead of the uiview is all that is needed.

See: UILabel layer cornerRadius negatively impacting performance

Swift 2 solution :

@IBOutlet weak var your_label: UILabel!

your_label.layer.cornerRadius = 5
your_label.layer.masksToBounds = true