Under the UK Construction & Use Regulations, it's a requirement that tyres on the same axle are the same size and construction - so under UK law spacesavers are illegal in any circumstances.
However, because they are legal (at reduced speed, distance and purpose) in the rest of the EC, then CPS don't prosecute this offence.
There are no further legal restrictions when towing but the vehicle manufacturer may impose further restriction or ban towing in some cases.
A spacesaver is intended to allow the vehicle to be driven to the nearest tyre repairer/supplier - there are not intended to allow you to continue your journey as you might with a full size tyre.
You need to check your vehicle handbook to determine specific restrictions when towing.
Given that a spacesaver reduces the speed of a solo car from 100+mph (where limits permit) to 50mph, I personally wouldn't tow with a spacesaver on the car at any more than 30mph.