  The bright Seyfert 1 galaxy H1419+480 (z~0.072), whose X-ray colours from
earlier HEAO-1 and ROSAT missions suggested a complex X-ray spectrum, has been
observed with XMM-Newton. The EPIC spectrum above 2 keV is well fit by a
power-law with photon index \Gamma=1.84\pm 0.01 and an Fe Ka line of equivalent
width ~250 eV. At softer energies, a decrement with respect to this model
extending from 0.5 to 1 keV is clearly detected. After trying a number of
models, we find that the best fit corresponds to OVII absorption at the
emission redshift, plus a 2-sigma detection of OVIII absorption. A photoionised
gas model fit yields log xi~ 1.15-1.30 (xi in erg cm/s) with N_H~ 5 10^{21}
cm^{-2} for solar abundances. We find that the ionized absorber was weaker or
absent in an earlier ROSAT observation. An IUE spectrum of this source obtained
two decades before shows a variable (within a year) CIV absorber outflowing
with a velocity ~1800 km/s. We show that both X-ray and UV absorptions are
consistent with arising in the same gas, with varying ionisation.
