Tow coupling (100) having a tow coupling part (128) for fitment to a tow ball (104) of the vehicle, a load coupling (190) for coupling to a load to be towed, and a tow element (180) pivotally connecting to the tow coupling part (128) and to the load coupling part (190). Pivoting of the tow element (180) with respect to the tow coupling part (128) varies the vertical position of the load coupling part (190). Positioning structure (220), between the tow coupling part (128) and the tow element (180) permits setting that position. The positioning structure (220) is resiliently biased by a spring (260) so as to resiliently bias the tow element (180) such that the load coupling (190) assumes a selectable set position, from which the load coupling (190) is however upwardly displaceable under pivoting of the tow element (180) against that resilient bias.