From iOS 6 you can use NSAttributedString in UILabel.
In attributed string you can use attribute NSKernAttributeName to set letter spacing
NSMutableAttributedString* attrStr = [[NSMutableAttributedString alloc] initWithString: @"Test test test test "];
[attrStr addAttribute:NSKernAttributeName value:@(4.0) range:NSMakeRange(0, attrStr.length)];
UILabel* label = [[UILabel alloc] initWithFrame:CGRectMake(0, 300, 300, 100)];
label.attributedText = attrStr;