For previous versions of iOS 7 when I needed to shift the position of the title and image (usually an icon) on a UITabBarItem
two settings were required.
myViewController.tabBarItem.imageInsets = UIEdgeInsetsMake(0, -15, 0, 15);
myViewController.tabBarItem.titlePositionAdjustment = UIOffsetMake(-15, 0);
This however introduced double the inset size for the image since the 7.1 update of iOS. Below is an answer based on my findings.