It has been in "Hampshire and the Isle of Wight" (yes, Sam172, that's England).
It still is joined to Hants for some things, such as the police force.
It became a county in its own right, with a county council. However, now technically it has a "unitary authority" council, so there is no administrative county there (many parts of Britain are now like this). It's still a county for postal and other purposes -- and as Cetti says, it's another world for the Corkheads (inhabitants are called this, as they are said to be prepared at all times for the Island to sink).