A hydraulic expansion chuck for receiving a tool includes a chuck body, an expansion bushing which is received in the chuck body and defines a chuck opening, a pressure chamber which is interposed between the expansion bushing and the chuck body, and a reduction sleeve. The reduction sleeve is received in the chuck opening of the expansion bushing and defines a tool holder receptacle for receiving the tool to be chucked. The reduction sleeve includes a connector element configured to releasably attach the reduction sleeve to the chuck body. The reduction sleeve also may include an adjustment element configured to adjust the axial position of the tool in the tool holder receptacle.