Sorry Sailbad, not true. As far as Air Miles bought with a transaction funded by public funds, you cannot own the proceeds in that you would not have been eligible for those Air Miles if you had not been funded by public money. The Air Miles are publicly owned, and are the property of the Crown. This has been enforced on a few occasions, and taken to a court of law - every time the MOD have won, the person using them has been found guilty of fraud, and the Airline companies have voided the accounts and in two cases that I know of, pursued the person for the cost of the flights. The contract between you and the company only exists for purchases that you make, not those for which you are refunded or paid by your company, unless your company makes an allowance for this - and in that case, they should be declared as "perks" to the Taxman. This also covers other loyalty cards. The rules are very clear and very specific - these are not purely MOD rules, these are rules from HMR&C which are legally enforceable. Having had dealings in this area for over 10 years, I can state without fear of being proven wrong that if you earn Airmiles on a personal card by virtue of using public money, and you are caught using them, you are in the dwang. Deeply, and with no visible means of propulsion.
The key word, of course, is caught.