If I have a block of text with formatting (bold, italics etc), and copy and paste that block of text just below it, the formatting doesn’t paste, just the text. Is this a bug within the new update as I can’t find any fixes for it anywhere. It’s not an issue with Paste and Match Style - that’s not what I’m trying to do. I also can’t put bold on text that’s in italics, which is rather weird. Any help would be appreciated! Thanks 
I cannot duplicate this. What details can you add?
Copy & past works fine here.
Like @jcarman said, we need more details to help you.
If copying and pasting of formatted text results in plain text it might be not the pasting but the copying went wrong. Where do you copy from? From within Scrivener or another application? And if you paste into another rich text app (e. g. Text Edit) do you get the proper rich text?
How do you copy and paste—by keyboard shortcut? It would be highly unlikely but not impossible that somehow the shortcut for Paste and for Paste and Match Style have been jumbled.
Which font do you use? It might just be you are using a font that does not come with variants like italics etc.