Context : The Isaac Newton Telescope Photometric H \alpha Survey ( IPHAS ) is currently mapping the Northern Galactic plane reaching to r ^ { \prime } =20 mag with typically 1″ resolution . Hundreds of Planetary Nebulae ( PNe ) , both point-like and resolved , are expected to be discovered . We report on the discovery of the first new PN from this survey : it is an unusual object located at a large galactocentric distance and has a very low oxygen abundance . Aims : Detecting and studying new PNe will lead to improved estimates of the population size , binary fraction and lifetimes , and yield new insights into the chemistry of the interstellar medium at large galactocentric distances . Methods : Compact nebulae are searched for in the IPHAS photometric catalogue , selecting those candidates with a strong H \alpha excess in the r ^ { \prime } - H \alpha vs . r ^ { \prime } - i ^ { \prime } colour-colour diagram . Searches for extended nebulae are by visual inspection of the mosaics of continuum-subtracted H \alpha images at a spatial sampling of 5 \times 5 arcsec ^ { 2 } . Follow-up spectroscopy enables confirmation of the PNe , and their physico-chemical study Results : The first planetary nebula discovered via IPHAS imagery shows an intricate morphology : there is an inner ring surrounding the central star , bright inner lobes with an enhanced waist , and very faint lobular extensions reaching up to more than 100 ^ { \prime \prime } . We classify it as a quadrupolar PN , a rather unusual class of planetary showing two pairs of misaligned lobes . From long-slit spectroscopy we derive T _ { e } [ N ii ] =12800 \pm 1000 K , N _ { e } = 390 \pm 40 cm ^ { -3 } , and chemical abundances typical of Peimbert ’ s Type I nebulae ( He / H =0.13 , N / O =1.8 ) with an oxygen abundance of 12 + log ( O / H ) =8.17 \pm 0.15 . A kinematic distance of 7.0 ^ { +4.5 } _ { -3.0 } kpc is derived , implying an unusually large size of > 4 pc for the nebula . The photometry of the central star indicates the presence of a relatively cool companion . This , and the evidence for a dense circumstellar disk and quadrupolar morphology , all of which are rare among PNe , support the hypothesis that this morphology is related to binary interaction . Conclusions :