Public Class Form1
 
    Dim _dragging As Boolean = False
    Dim _controlPoint As Point
 
    Private Sub Label1_MouseDown(ByVal sender As System.Object, ByVal e As _
      MouseEventArgs) _
                                                                        Handles _
                                                                        Label1._
                                                                        MouseDo_
                                                                        wn
        Dim lbl As Label = DirectCast(sender, Label)
 
        ' If the label is somehow free-floating we'll lust let it be
        If (TableLayoutPanel1.Contains(lbl)) Then
 
            Dim mousePoint As Point = Cursor.Position ' mouse position in 
            ' screen coordinates
            _controlPoint = lbl.PointToClient(mousePoint) ' offset from (0, 0) 
            ' in label coordinates
 
            ' This is the location of the label's (0, 0) in screen coordinates.
            Dim screenLocation As Point = New Point(mousePoint.X - _
              _controlPoint.X, _
                                                    mousePoint.Y - _
                                                    _controlPoint.Y)
 
            ' Remove the label from the panel and make it a child of the form; 
            ' bring it to 
            'the front to make sure it's not hidden behind the panel.
            TableLayoutPanel1.Controls.Remove(lbl)
            Me.Controls.Add(lbl)
            lbl.BringToFront()
 
            ' Move the label to the position it was in before we removed it 
            ' from the table, and
            ' indicate the control is being dragged.
            lbl.Location = Me.PointToClient(screenLocation)
            _dragging = True
        End If
    End Sub

MFG Gizmo